Story
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Story
Capitalism and Socialism
February 4, 2003
• Capital
o Form of money
o Some kind of asset
o Origin of word capital
▪ Capitale
• This is a late Latin word based on kaput (which means head)
• It goes back to the 12th 13th century history of Europe
• Capital had multiple meanings
o Stock of merchandises
o Fund
o Sum of money
o Money carrying interest
▪ Italy was the pioneer of inventing the word capital
• They referred to it as Ilcarpo (money capital)
▪ France called capital: LeCorps, chatel, cheptel, cabal
▪ English words for capital (These words were the rival of the word “capital” in England and France)
o Wealth
o Money
o Funds
o Factory money
o Principal
o Assets
o Property
o Goods
o Patrimony
▪ No single word for capital
▪ Word that competed with capital: funds
▪ Eventually word became capital funds
▪ Capitalists
• Word existed since mid 17th century
• It was first used in 1633 by Hollandische Mercurius and again by him in 1654
• prior to that there was no such word
o Capitalism
▪ Might have existed prior to the word capital or capitalist
▪ Opposite of socialism
▪ Modern industrial system
▪ Karl Marx
• Mode of production
o System of production, how its starts
•...