The origins of capitalism

[paul r]

Hello comrades,

I'm a little confused after listening to an audio lecture by comrade alan woods at IDOM. Perhaps someone can clarify.

In the lecture he says that capitalism is no older than 200 years, that it started in Italy and then spread to Holland and then England.

This means that capitalism started around 1808!

Now my understanding is that a revolution is a transfer of power from one class to another and that in England the bourgeois revolution took place around the time of the English civil war in the mid 1600's. Although it was a messy revolution compared with say the French revolution 1789, nevertheless it marked the transfer of power to the bourgeois class who had been developing their economic power since the start of the decline of feudalism in the 12th century. Taking the political power by the bourgeoisie marks the beginnings of capitalism.

This means that capitalism has been the dominant mode of production in England for about 350 years.

Have I misunderstood comrade woods?

paul

[Zatoichi]

Its hard to say WHEN exactly Capitalism started, because alot of what would become the Capitalist class were once the second or third sons of Land owning barons in Medieval Europe who received no land because of Primogeniture, who then became the Merchant class. Others argue that Capitalism started with the Protestant Reformation and the Protestant Work Ethic. Capitalism is certainly more then 200 years old, but what is roughly 200 years old is the Modern Bourgeoisie Democratic State.

[paul r]

Thanks for the reply Zatoicci.

I agree that the modern bourgeois state had a period of rapid and unprecedented development about 200 years ago, what the historians call the "industrial revolution", but it seems to me that the capitalist class had already been in political power long before this period of rapid development took place.

The capitalist class had been developing its economic power since the 12th century but were not able to take political power until the mid 1600's when with Cromwell as their figurehead and with the support of the peasant masses and the emerging working class, they seized power from  the feudal rulers.  This civil war marked the bourgeois revolution in England.

For the next 50 years or so it was a case of two-steps-forward-and-one-step-back for the capitalists but they eventually consolidated their power and the industrial revolution could begin.

Let's not forget that by the end of the 1600's, not only had serfdom been legally abolished but there were many companies with shareholders trading all over the world, there were banks and merchants associations, financial speculators and a class of people who owned nothing but their labour power i.e. a working class which comprised artisans as well as agricultural, domestic and factory  workers.

The South Sea Bubble speculation catastrophe took place around 1720 which was hardly a feudal phenomenon!

Of course, large parts of feudalism still existed but its political power had been usurped.

Which brings me back to my original point , that capitalism has been in power in England for over 300 years. It did not begin with the industrial revolution.