The Rise Of Capitalism And Capitalism

1711 WordsMar 4, 20167 Pages
The Rise of Capitalism as a worldwide phenomenon Capitalism is one of the most commonly practiced economic systems in the world, and thus it is widely considered a global phenomenon. It is based upon the single objective of accumulating more and more wealth. However, capitalism would not be so popular, or even exist, had it not been for several global pressures at that time. Specifically, it was the mass consumption of sugar, which in part led to the discovery of the Americas, which in turn led to the usage of slave labor that from which capitalism was able to arise. These three factors played massive roles in the formation of capitalism, and capitalism would not be what it is today had it not been for these pressures. Around the 14th century most of Europe emerged out of the dark ages and entered into the period of time known as the ‘age of discovery’ (Mintz, 1979:92). This time period was characterized by a mass exploration of both Africa and the Middle East. This desire to explore led to numerous benefits for the Europeans with one such example being the ‘advancement of shipbuilding’ (Rodney, 1972:84). However, perhaps the most significant aspect of this exploration was that Europeans were introduced to a variety of new foreign substances such as ‘tea and coffee’ and perhaps most importantly sugar (Mintz, 1979:92). Sugar had been being produced as early as the eighth century and it was extremely costly and highly prized as at that time it was used as a medicine
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