ABSTRACT
A society is called capitalist if it entrusts its economic process to the guidance of the private businessman. This may be said to imply, firsts private ownership of nonpersonal means of production, such as land, mines, industrial plant and equipment; and, second, production for private account, i.e., production by private initiative for private profit. This chapter presents an outline of historical developments. It then discusses a summary of the economics and the sociology of capitalism by providing a brief survey of some of the principal topics in connection with capitalism. Most of the features that define the capitalist order may be found in the ancient world, and particularly in its Graeco-Roman sector. Interlocal and international trade was, however, by far the most important line of early capitalist endeavour. The classes of traditional economic theory, such as landowners, capitalists, workmen, are functional categories, not living and acting sociological entities.
