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What economic system dominated Western Europe before it transitioned into a period of capitalism in the 16th century?
In Marx's critique of political economy, the capitalist mode of production is the production system of capitalist societies, which began in Europe in the 16th century, grew rapidly in Western Europe from the end of the 18th century, [ and later extended to most of the world. It is characterized by: the predominance of private ownership of the means of production and exploitation of wage labour;
distribution and exchange in a mainly market economy (commodity production); and capital accumulation (production for profit). ]
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Asked 8/2/2012 8:42:21 AM
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