Michael Sonenscher, Fellow of Kings College, Cambridge, discusses the evolution and meaning of the word 'capitalism' and its association with Britain. They explore the complexities of capitalism, public perception, debunk myths, and analyze inequality. They also study capitalism in Venezuela and its consequences. A fascinating historical analysis sheds light on political problems and attitudes towards our economic system.
The word capitalism originated in France and was initially used by Catholics as a pejorative description of the political and economic arrangements in 18th century Britain.
Capitalism can manifest in different ways due to the various forms of property ownership.
Deep dives
Origins of the Word Capitalism
The word capitalism originated in France and was initially used by Catholics as a pejorative description of the political and economic arrangements in 18th century Britain. It was associated with Britain's ability to borrow capital for funding wars, which raised concerns about political liberty and freedom. Capitalism was linked to British imperialism, industry, trade, and the division of labor. Initially, it was used negatively to criticize British economic and political systems.
Difference Between Capitalism and Commercial Society
In the first half of the 19th century, there was a distinction between capitalism and commercial society. Capitalism referred to the ownership of property and focused on who owns what and does what with it. Commercial society, on the other hand, focused on the division of labor and the interdependence of economic and social agents in a system of exchanging and producing goods. The social question of unequal resource distribution arose within commercial society.
Varieties of Capitalism and Perceptions
Capitalism can manifest in different ways due to the various forms of property ownership. The division of labor is not as flexible as property ownership, leading to different perspectives on capitalism. Countries like Poland, the United States, and South Korea have more positive attitudes towards capitalism due to their experiences of economic growth and improved standards of living. Gender, education, and income also play a role in shaping people's views, with men and better-educated individuals generally holding more positive attitudes towards capitalism.
Capitalism – what's the story behind the word and a cross cultural survey of peoples attitudes to it. Laurie Taylor talks to Michael Sonenscher, Fellow of Kings College, Cambridge about the evolution of a word which was first coined in France in the early 19th century. How has its meaning changed over time and how can a historical analysis shed light on political problems in the here and now? What’s at stake in our understanding or misunderstanding of the term?
They’re joined by the German sociologist and historian, Rainer Zitelmann, whose latest study argues that many people are buying into myths about Capitalism and includes the largest international survey of attitudes towards our economic system. He finds negative attitudes to be widespread, including in Great Britain, the motherland of Capitalism - only in 12 countries are attitudes more critical. What accounts for this disillusion?
Producer: Jayne Egerton
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