IntroductionThis paper traces the development of Capitalism from its earliest beginnings up to the present time, focusing on how scholars have come to view this unique feature of modernity with regard to its perceived impacts on societal development. Hence, the study is both historical and thematic. Capitalism is an economic system marked by private ownership of property and driven by profit motives. It replaced feudalism as an economic system. Capitalism in this sense has existed for more than one thousand years now. It began in the form of trade capitalism (i.e. mercantilism or mercantile capitalism). Venice in Northern Italy was the first truly capitalist centre in Europe as early as 10th Century A.D. Florence was a popular commercial nerve centre in the late 15th Century Italy with prototypical business men like Datini and Medici (Trivellato, 2020).Swetz (1989) tells us that the commercial revolution of Italy at this time (notably the increased trade with the Levant and Far East), is not unconnected with the publication of the Italian arithmetic book,The Treviso Arithmetic in 1478 which is the earliest known dated, printed arithmetic book. Actually the Italian Merchants used the computational algorithms contained in this book to solve some problems of commercial arithmetic such as payment for goods received, currency exchange, and the determination of shares of profit derived through partnership arrangements. Hence, the need for more efficient book-keeping and computation also contributed to the appearance of this pioneer book. Other influences include the introduction of Hindu-Arabic numerals and the proliferation of printed material following the invention of movable type.He describes the rise of mercantile capitalism and the economic beginnings of industrialization in the early Renaissance Venetian Republic. With a new distribution of political power as well as new types of power occasioned by the growth of towns and cities, he says, there came entrepreneurship in trade and manufacture. Commercialism spawned wealth that was reinvested, and modern mercantile capitalism was born, he maintains. As the riches of Venice grew, he observes, the extent of its political powers and expansion also increased such that by 15th Century A.D, the Republic now encompassed two empires with Venice becoming the trade capital of Europe, and one of the richest cities of the then known world (pp. 1-7).The lesson here is clear: capitalism, from its earliest beginnings, has been known for provoking catalysis with regard to any (positive) historical development of modernity propelled by the former’s quest for profit and economic expansion. Hence, the Renaissance Venice took advantage of the favorable political climate, advantageous geographical location along the Adriatic Sea, and the resilient psychological disposition of her citizens for survival, to make the splendor and glamour of modernity a reality for the first time in Europe. Venetians were free from oppression and domination and this freedom in turn gave impetus to their initiative, innovative and adventurous spirit. More still, Venice’s diplomatic skills ensured for her freedom from the fear of any external intimidations. Thus, capitalism becomes not just the change that underlines modernity, but more importantly the explanation for this change.The modern (mercantile) capitalism not only instigated economic and political innovations but also motivated scientific inventions, just like the modern (industrial) capitalism has. Hence, the modern (mercantile) capitalism that flourished up till 16th Century is no less capitalistic in nature than the modern (industrial) capitalism that originated since 16th and 17th Centuries. Both tend to have comparable kind of effects on the people and the society. However, some scholars (notably, Karl Marx) will be reluctant to ascribe the term capitalism to any economic activity before the 16th Century.It was trade that initially opened Europe to the fresh ideas and knowledge which helped free it from feudalism after the fall of the Roman Empire. The travels and adventures of some merchants like Marco Polo, and Fibonacci, brought foreign lands, people, techniques, customs and procedures to the knowledge of Europeans. Hence, the importance of mercantile capitalism was decisive for Europe’s development. Swetz (1989, p. 295) shows that the merchants’ involvement with the collection of data and record keeping impacted heavily on the evolution of modern mathematics; whereas the quest for new markets and greater profits also gave rise to studies in geography and astronomy and led to advances in cartography, navigation and marine architecture. In a similar vein, the cases of steam engine, locomotive, modern computers, internet/electronic banking, genetically modified crops, robotics, generative Artificial Intelligence e.t.c. are all examples of inventions motivated by modern (industrial) capitalist concerns. Nevertheless, the term Modern Capitalism in this work, is specifically used to refer to late modern/contemporary (industrial) capitalism which is shown bellow to have a modern philosophical foundation.
