The origin and birth of capitalism as a concept, is
one that has given rise to arguments with and
criticising of various scholars both past and present. Some of these scholars argue that the modern capitalist system is a stem of the concept of capitalism that emerged in the 14th century and that the concept was introduced under the protestant reformation of puritan ethics. Without giving a full history of the introduction of the concept, it may be right to say that the capitalist economic system is one of the greatest models on the creation of wealth, and the pursuit of individual or collective happiness in modern day as the case may be. The beginning of the 19th century, through the 20th and 21st centuries marked the start of many key economic developments, as a result, began the most rapid and massive change and development in the history of mankind. Some of these developmental factors are attributed to the capitalist economic system where man could work, sweat, enslave and exploit their fellow man for the satisfaction of owning just a penny more in the name of capitalism. Now, the issue of the founders of the concept of capitalism and the present day capitalist system of economy is one that is of grave importance for two main reasons, firstly because it is only when we know where we have been and how we got there that we can move on to the future, and secondly ensuring that the seemingly “mistaken views of dead men” may not be misrepresented to the subsequent generations to come. The question now is ‘who then should be credited with the honour of introducing this concept of capitalism’? It is said that a conceived concept should be studied as a product of its time; but the concept of capitalism like many other concepts and ideas have survived the test of time. Instead of this concept being discarded, it has evolved and some modification has been made to it by economists and non-economists of different times, each contributing their own perspective thereby making it what it has turned out to be presently. Discussing the origin of the concept of capitalism, one cannot avoid noticing the argument made by the 19 century scholar Max Weber, in his book “the protestant ethics and the spirit of capitalism” ,where he
sought to trace the origin and evolutionary
transformation of capitalism as a concept. He was convinced that the concept of capitalism was introduced around the 14th century by protestant ethics, because the most economically advanced territories i.e. England, Holland and America were all mainly protestant nations. He further stated that “moneymaking, provided it is done legally is within the modern economic order, the result and the expression of diligence in one’s calling”. Max Weber’s theory on the concept of capitalism was and still is a subject of ruthless battering, both from scholars of his time and from subsequent generations. The most recent and possibly the most renowned argument against Weber’s theory is that which was made by Jere Cohen. In his book “Protestantism and capitalism: the mechanism of influence” jere Cohen argued in opposition to Weber’s thesis that the protestant or puritan ethics did not in fact introduce the concept of capitalism. He went further to list hypothesis derived from Weber’s thesis, on the various protestant influences on capitalism on such topics as (wealth and profit, religious anxiety, the spirit of capitalism etc.). He then goes on to examine each of the hypotheses against every 17th century puritan divine. While some scholars debate the origin of this concept and its relation to the protestant ethics, some others have indicated that capitalist activities were present in the 9th – 12th centuries long before the protestant revolution, in the caliphate though in very isolated cases. Given that the facts are very much inconclusive, and there seems to be differing evidence as to the origin of this concept. Is it right to say that the world may never know the true origin of the concept, or that the concept of capitalism was bore out contributory acts over the course of a few years or over centuries ? . Though it is unclear the extent of protestant contribution to the concept, they may have well played a very important role in its development, the spread of the concept, and its development into the kind of economic system it is today.