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Yes, as "recent" as capitalism. The need to pre-finance industrial production. Basically I would not call anything before the industrial revolution capitalism.
by jayalpha 8y ago
Yes, as "recent" as capitalism. The need to pre-finance industrial production. Basically I would not call anything before the industrial revolution capitalism. Free market economy maybe, but this is something else.
- AnimalMuppet 8y agoI'm not saying that it didn't happen before, say, 1970. But financing expansion by either capital (stock) or retained earnings was more the norm. Debt-based expansion became more popular starting around 1970 +/- 10. (Or so I read recently, IIRC, here on HN. Can't cite a source immediately.)