Capitalism In The 19th Century

What is capitalism? “Capitalism is a system of largely private ownership that is open to new ideas, new firms and new owners, and new capital” (cite). Capitalism has had strong roots within the United States for over a century. America, viewed as a strong representative of capitalism, has been primarily involved with the economic structure since around 19th century. Although, some historians trace capitalism roots to medieval Europe in the 1600-1700s, most agree that the 19th century was the key timeline involved. Two main people historically involved with capitalism are Adam Smith and Karl Marx. The latter was one who opposed and critiqued capitalism, while the former was for capitalism, often called the “father of capitalism.”
Early capitalism
As mentioned, this can affect American economic growth; however, what about globalization and global economic growth? “Globalization refers to the worldwide phenomenon of increased technological, economic, and cultural interconnectedness between nations.” As previously mentioned, trade deficits and nations around the world becoming wary of capitalism’s negative aspects is affecting globalization. Countries exchange countless products, services, and ideas. Even more with each technological advance (social media, more traveling abroad, etc.). With deficits and loss of money, more and more countries are looking for substitutes. Subsitutes is as welcomed, and some countries refuse to associated with them. Additionally, the capitalistic tendencies of the “wealthier” nations is hindering economic growth of the poorer or smaller countries. While some quickly blame westernization (primarily the U.S.), other efforts of primarily European efforts are to blame as well. The initial idea was that policies of the wealthier nations would help developing countires to establish better labor, regulations, policies, and this would reciprocate better wages and living conditions. Both would result in reduced poverty. Unfortunately, these countries could not sustain like the “wealthier’ nations. Certain nations barely get by due to having specific items needed by other nations (exports such as fruit, coffee beans, etc.) but the future isn’t as promised as westernization was thought to one day