Episode 82: Capitalism Doesn't Mean What You Think It Means
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The Origins of Capitalism
The idea of capitalism arises with the invention of standardized financial contracts along with the emergence of the importance of capital via the Industrial Revolution. To start a business, you had to be both an entrepreneur and an investor - which means that you've got to spend many decades saving up your money. When you save your money, finally, you have enough. Now you can buy the buildings, the land, the machinery necessary to start your business. But this is the way you had to do it because there was no way to separate out those two functions of entrepreneur and investor.
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