Capitalism is a name (as a term and specific conceptual category) because it emerged as a novelty in Europe following the Reformation and the Renaissance. Even at its earlier stage, they couldn’t differentiate between plunder, piracy, human trafficking and trade. The fact is that there is nothing Western about capitalism. Both market and capitalism are very natural outgrowth of human agency. Capitalism has ever existed in more civilized regions of the world and naturally without a name.
NKJ
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