Merchant Capitalism

Abstract

At the same time that feudalism was being transformed into absolute monarchy, events occurred that were to occasion the rise of capitalism by which absolute monarchy was to be destroyed. The distinguishing mark of capitalism, as Karl Marx emphasised, is the accumulation of capital. In all previous epochs the purpose of seeking wealth was the enjoyment of spending it; in the capitalist epoch it was to accumulate and possess. (The status of this proposition: it is an assertion, a way of looking at things, not an hypothesis, theory or statement of fact.)