Development and Competition (Modern Capitalism and World Hegemony)

Author: Chen Xiaolu et al.
Publisher:
Publish Date: 2003-01-01
Features: Capitalism has undergone a process of change. When capitalism first emerged, it developed from medieval commercial activities, which were the focus of early capitalism. When capitalism transformed into an industrial-centered system, it unleashed a new productive force and created a new social system, which we call the capitalist system. At this stage, capitalism was industrial capitalism, also known as the "capitalism" frequently mentioned in Chinese textbooks. Industrial capitalism was marked by the emergence of power machinery and factory organizational forms, and in terms of social structure, it constructed a complete "capitalist society." Early industrial capitalism emphasized "freedom," advocating unrestricted production and exchange, and economic activities should only be subject to an "invisible hand." For this reason, it was necessary to have absolutely "free" private property. Because of this, capitalism during this period was referred to as "free-market capitalism."