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Capitalism was present in that area, but it was not a requirement for growth. The actual improvements in that era was from the industrial revolution. The develo
by pdkl95 9y ago
Capitalism was present in that area, but it was not a requirement for growth. The actual improvements in that era was from the industrial revolution. The development of the steam engine, machine tools, and manufacturing innovations like interchangeable parts. With that start, the amount of exploitable energy per-capita skyrocketed. Science, technology, and our standard of living have have been riding that wave ever since.
- mixmastamyk 9y agoHow does industry get built without capital? (Honest question.)
- c22 9y agoThe antithetical of capitalism isn't a world with no capital. The distinction between capitalism and competing ideologies is in who "owns" the capital and how it is directed.
- WalterBright 9y agoThe industrial revolution was a consequence of free market capitalism.
- EGreg 9y agoWay to attribute credit for every technological advance to one economic system. Yes I am sure it had nothing to do with the scientific discoveries going on at the time. I am sure the dinosaurs going extinct was the result of socialism.
- kobeya 9y agoOr did the scientific advances happen because there was an incentive compatible system in place to share in the profits of that advancement of knowledge? The Enlightenment followed the rise of mercantilism, not the other way around.