Capitalism is can be simply defined as an economic system, marked by open competition in a free market, in which the means of production and distribution are privately or corporately owned and development is proportionate to increasing accumulation and reinvestment of profits. However, capitalism tends to incorporate a certain "way of thinking", driven by greed, the search for ever-increasing profits, worldwide expansion, and internal development. Starting from the earliest origins of capitalism, only societies with …
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showed last 75 words of 906 total
…responsible for the shift from waning colonialism to a worldwide scramble for colonies. In addition to England, capitalism erupted in the United States and numerous nations in Europe. Capitalism's aggressive nature enabled it to spread over the glove, influencing the formation of first, second, and third world nations. These third world nations became the markets and suppliers of raw materials for the mother nations, as the capitalist nations used profit as capital rather than consumption.