Capitalism: Definition, History, and Core Features

Etymology of capitalism and capitalist

The etymology of “capitalist” and “capitalism” traces back to the Latin and medieval roots of “capital.” The term “capitalist,” meaning an owner of capital, appears earlier (mid-17th century) than “capitalism.” “Capital” comes from late Latin capitale, based on caput (“head”), and later developed meanings related to movable property; by the 12th–13th centuries, capitale referred to funds, merchandise, sums of money, or money carrying interest. By 1283 it was used for the capital assets of a trading firm and was often interchanged with words such as wealth, money, funds, and property. “Capitalists” is attested in early modern usage (e.g., in the Dutch publication Hollantse Mercurius in the 1650s), and the term appears in French before its first recorded English usage. “Capitalism” in a modern sense is commonly attributed to Louis Blanc (1850) and Pierre-Joseph Proudhon (1861), with later influential usage by thinkers such as Karl Marx (who frequently used “capitalist” and “capitalist mode of production,” though not the exact form “capitalism”). In English, the Oxford English Dictionary places the first appearance of “capitalism” in 1854 (Thackeray’s novel The Newcomes), where it meant “having ownership of capital.” The term’s adoption is also linked to socialist critique, with some scholars arguing it is a disparaging or misleading label.

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Definition and contested meaning of capitalism

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