Answer to Question #316567 in Sociology for bae

Question

Describe the social and economic conditions necessary for the transformation of the labour process into a capitalist one.

Answer 1

Present day economies in a lot of Western culture today are coordinated under the pennant of private enterprise. Probably the main parts of an entrepreneur framework are private property, private control of the variables of creation, aggregation of capital, and rivalry.

Capitalism is an economic and social system in which capital and non-labor factors of production, or the method for creation, are secretly controlled; work, merchandise, and capital are exchanged business sectors; benefits are taken by proprietors or put resources into advances and ventures; and wages are paid to workers. However free enterprise has grown gradually since the sixteenth century, Scottish savant and business analyst Adam Smith is generally credited with illustrating the hypothesis in its most completely fledged structure in his 1776 book An Investigation into the Nature and Reasons for the Abundance of Countries.

Capitalism is generally considered by scholars to be an economic system that includes private ownership of the means of production, creation of goods or services for profit or income, the accumulation of capital, competitive markets, voluntary exchange, and wage labor. The designation is applied to a variety of historical cases, which vary in time, geography, politics, and culture.

Economists, political economists and historians have taken different perspectives on the analysis of capitalism. Economists usually focus on the degree that government does not have control over markets (laissez-faire economics), and on property rights. Most political economists emphasize private property, power relations, wage labor, class and capitalism’s as a unique historical formation. Capitalism is generally viewed as encouraging economic growth. The differing extents to which different markets are free, as well as the rules defining private property, are a matter of politics and policy, and many states have what are termed mixed economies. A number of political ideologies have emerged in support of various types of capitalism, the most prominent being economic liberalism.