ABSTRACT

Capitalism simply means investment of some sort in an idea for a return of some sort with the risk taker being allowed to retain some of the rewards. The new capitalism is based on connectivity, accountability, transparency, networks, values, relationships, enablement, entrepreneurship and rethinking the meaning of capital. The end of the Second World War saw the birth of welfare capitalism where the state, particularly in Europe, Canada, Australia and New Zealand, sought to distribute wealth and provide significant social safety nets as well civilising these countries with the abolition of the death penalty and strict gun control. The triumph of capitalism since 1945 is the triumph of freedom, accountability, collective strength, enterprise and innovation, not the triumph of free markets. The foundations of the origins of the idea of capitalism were the division of labour, the British industrial revolution in the mid eighteenth century and the democratic revolution in France in 1789.