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Word Count: 1,239
Capitalism The distinguished in the nineteenth century and its collapse in the twentieth century have led to similar though much slower and less obvious process in the course of modern science Todays frantic development in the field of technology has a quality reminiscent of the days preceding the economic crash of 1929 The clearest evidence of it may be seen in such comparatively young sciences such as psychology and political economy In psychology one may observe the attempt to study human behavior without reference to the fact that man is conscious In political economy one may observe the attempt to study and device social systems without reference to man Political economy came into prominence in the 19th century in the era of philosophies post kantian disintegration and no one rose to check its premises or to challenge its base Political economist-including the advocates of capitalism-defined their sciences as the study of management or direction or organization or manipulation of communitys or nations resources The author goes on to say that the European culture regarded material productions as work that should be done by slaves or serfs but not first class citizens It must be remembered that the institution of private property in the full legal meaning of the term was brought into existence only by capitalism In the pre-capitalist eras private property existed de facto but not de jure ie by custom and sufferance not by right or by law In law and in principle all land belonged to the head of the tribe the king and was held only by permission which could be revoked at any time CAPITALISM a term used to donate the economic systems that has been dominate in the western world since the breakup of feudalism Fundamental to any system called capitalist are the relations between private owners of non-personal means of production land mines industrial plants etc collectively known as capital and free but capitalizes workers who sell
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