What century was capitalism founded
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Capitalism as an economic system can be traced back to the 16th century, specifically to the emergence of mercantilism in Europe. However, it is important to note that the development and evolution of capitalism was a gradual process that took place over several centuries.
To determine the founding of capitalism in a specific century, let's break down the steps to get the answer:
1. Understand the concept: Capitalism is an economic system characterized by private ownership of resources, trade, businesses, and the pursuit of profit. It typically involves free markets, competition, and minimal government intervention.
2. Identify the key elements: Mercantilism, which emerged in the 16th century, laid the foundation for capitalism. Mercantilism was characterized by state control of trade, colonization of new territories, and the accumulation of wealth through exports.
3. Research historical periods: Look into the different economic systems and their characteristics during different centuries. The 16th to 18th centuries are often referred to as the mercantilist era, where the seeds of capitalism were planted.
4. Consider the evolution: Capitalism did not emerge fully formed in a specific year or century. It gradually evolved as various economic theories and practices developed over time. The 19th century, with the Industrial Revolution and the rise of laissez-faire economics, saw the further development and expansion of capitalism.
Based on these steps, we can conclude that capitalism was founded during the 16th century amidst the rise of mercantilism. However, it is important to acknowledge that capitalism is a complex system that evolved over several centuries rather than having a specific founding moment.