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🏭 A Short History of Capitalism

From merchants and mercantilism to factories and free markets.

lessons

~30 min

to learn

🏛️ History

subject

Adults

level

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What you’ll learn

Define capitalism and trace its merchant and mercantilist roots up to Adam Smith.Capitalism rests on private ownership and markets; it grew from medieval merchant commerce through the mercantilist age until Adam Smith's 1776 Wealth of Nations challenged state control.
Understand laissez-faire ideas and the rise of industrial capitalism.Smith championed free markets, the invisible hand, and the division of labor; the Industrial Revolution then transformed capitalism through factories, machinery, and wage labor.
Examine criticism of capitalism, government's growing role, and globalization.Critics like Marx attacked capitalism's inequalities; crises like the Great Depression brought regulation and mixed economies, while late-20th-century globalization spread capitalism worldwide.

Questions this course answers

What is a defining feature of capitalism?

Capitalism is based on private ownership of the means of production and exchange in markets for profit.

What did mercantilism emphasize?

Mercantilism stressed accumulating gold and silver and managing trade to maximize national power.

Who wrote The Wealth of Nations in 1776?

Adam Smith published The Wealth of Nations in 1776, laying the foundations of modern economics.

What does the 'invisible hand' describe?

Smith's invisible hand is the idea that individuals pursuing self-interest in free markets benefit society as a whole.

What does 'laissez-faire' advocate?

Laissez-faire holds that markets work best with minimal government interference.

Where and roughly when did the Industrial Revolution begin?

The Industrial Revolution began in Britain in the late 18th century, shifting production into factories.

Grounded in trusted sources

Britannica Money, 'Capitalism' (britannica.com/money/capitalism)
Britannica, 'The Wealth of Nations' (britannica.com/topic/the-Wealth-of-Nations)
Wikipedia, 'The Wealth of Nations' (en.wikipedia.org/wiki/The_Wealth_of_Nations)
OpenStax, World History Volume 2, 'Capitalism and the First Industrial Revolution'

Every Wunder lesson is built from real, reputable sources — never invented.

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