This week we dived deeper into the roots of capitalism and how expansionism and globalization played key roles in birthing capitalism. First, there was a definite distinction made between trade and capitalism. Appleby makes a strong attempt to argue how trade and capitalism are not the same. She argues her point, of course using Britain as her example, by describing how trade existed long before capitalism came onto the scene, and yet trade did not lead to the society that capitalism creates.

In a video entitled, A (Brief)History on Capitalism, a clear picture is painted of what trade is compared to capitalism. Being honest I needed a very simple break down of capitalism and this video provided just that. Trade obviously is exchanging goods between people. However, according to the video capitalism presented the opportunity for people to make a profit from trade.

Beyond promoting the idea of making a profit from trade capitalism also presented an opportunity for anyone to own their own business and to have the chance to get wealthy. Even more so, the freedom capitalism provided, that only a limited few enjoyed, was used to dominate over others. Within the History of Economic Thought reading the authors describe how British society began to push and emphasize individualism. This individualism, although meant just to encourage one bettering him or herself in society, became a motto for certain powerful countries to live by. It is clear from the dealings that different countries had with each other that each country was only interested in what was going to benefit itself the most. Herein lies one of the key problems of capitalism. There is nothing to guarantee the poor will get out of poverty and nothing to keep the rich from using their wealth and power to get richer.

Consider how the new goods would play a part in the across the Atlantic, as Stearns described. New and more advanced technology would play a part in other nations being able to use force to spread capitalism. Guns were not just a good commodity, but instead could be used as a threat to other nations, or people, who may have had no interest in trading with other capitalistic countries. Therefore there is a very selfish angle to capitalism.

Like so many things, after learning the history of a certain subject I find that my opinion of that subject will change. For so long I have heard great things about capitalism, obviously, but I live in the U.S. a capitalist nation. Capitalism seemed like such a great thing and there are plenty of examples in the past in which America felt it was her duty to spread this great economic system around the world. But as we took a closer look into capitalism this week, it became clearer that this economic system, just like any other, has its flaws. It can easily be twisted by individuals to bring about a culture and society ruled by selfish motives. The desire for profit can go beyond just achieving a simple dream of wanting to have money to spend on luxury goods, but could become one based on greed.

I think one of the most unique comparisons made between the faults of capitalism was the one I found in Appleby’s book as she talked about England during its industrializing years. The irony was as new technology was being developed, and the country was becoming more advanced there was still a large many people who were suffering, and barely making it on the small wages they were paid. Likewise with capitalism, it opened many doors, and it does give the ‘little man’ a chance, but it could very easily become a system that the little man gets buried under, instead of a system that builds him up. Ultimately it is not to say that capitalism is a terrible system, but the people involved are often the ones who can make it a bad thing or are the ones to intensify the system’s faults.