I'm aware of enclosure, but it doesn't conflict with the notion of accumulated capital. Aside from precious metals, wealth in the agrarian world was often measu

I'm aware of enclosure, but it doesn't conflict with the notion of accumulated capital. Aside from precious metals, wealth in the agrarian world was often measured in fixed quantities of organic outputs - mostly grain, but also raw textile, etc. This is capital. It can be exchanged for goods, services, and real property. A 10th century merchant was a capitalist. He accumulated wealth and used it to expand his enterprise. This had a compounding effect and made some people very wealthy. Owning a fleet of trading ships is a business.