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The Origin of Capitalism
The current society has been subjected to anti-globalization movements causing the need to understand the origin of capitalism and how it affected, has affected and is affecting all dimensions of human life. In the big question that guides us to understand the source and influence of capitalization are when and what caused time to be valued in terms of money. In the current society, the existence of money is dependent on time making the two become the same thing. Time is considered as a scarce resource and how one applies it in one’s life determines how much money or wealth one can accumulate. The origin of the concept of time and money dates to the birth of capitalism which involves those who had ownership of capital bought wage laborers for producing goods and services which they later sold in a market to earn profits. Having originated from England, capitalism has grown and spread over the past 400 years and transforming the general lifestyle of people around the world. Time, therefore, has played a significant role in making money and making money valuable in the society.
In our analysis on how time has created money and how it has contributed to making it have a value in the society, we analyze Ellen Wood, Agrarian Origins of Capitalism, and E.P. Thompson, Time, Work-Discipline and Industrial Capitalism. Wood in her book explains the origin of capitalism basing it in England. She further …