Economics: Current and Future Developments

Volume: 2

Evolution of Capitalism

Author(s): Maria Alejandra Madi

Pp: 3-20 (18)

DOI: 10.2174/9781681085067117020003

* (Excluding Mailing and Handling)


This chapter presents three critical appreciations about the capitalist system since the First Industrial Revolution in Britain until current globalization. Firstly, we consider Karl Polanyi’s contribution about the First Industrial Revolution's effects on economic and social life. Then, we address the contribution of Rudolf Hilferding whose studies on financial capital highlights the role of banks in the expansion of large corporations and capital markets in the early 1900s. Finally, we consider Eric Hobsbawm's ideas about contemporary globalization that intertwines economic and political challenges along with social and cultural outcomes.

Keywords: First industrial revolution, Financial capital, Globalization.

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