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The Structure of Capitalism

In: A Future of Capitalism

Author

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  • Michael C. Carroll

    (Muskingum College)

Abstract

Capitalism did not spring from some noble heritage or acute sense of self-purpose. Rather, it very slowly evolved, after the fall of Rome, from the initial pack trains of the burgher merchants. Heilbroner describes capitalism as emerging ‘slowly, painfully, and without any sense of fulfilling a historic mission — during a thousand-year period we call feudalism’ (Heilbroner 1993a, 50). The highly collective and strictly hierarchical social structure of Rome is, on the surface, incompatible with the capitalist system. Any belief in self-fulfillment and individual rights was still hundreds of years in the future. If capitalism had spontaneously risen to combat Roman intolerance it would be easier to relate to its success. ,In reality, capitalism was born after a thousand-year gestation; punctuated with disease, famine and human misery. Finding an appropriate method of viewing capitalism’s character and heritage is a very difficult endeavour.

Suggested Citation

  • Michael C. Carroll, 1998. "The Structure of Capitalism," Palgrave Macmillan Books, in: A Future of Capitalism, chapter 5, pages 59-77, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37251-1_5
    DOI: 10.1057/9780230372511_5
    as

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