Operating from the premise that capitalism contained the seeds of its own destruction, his ideas formed the basis of Marxism and served as a theoretical base for communism.
Its German author was the first economist to take on globalization, says Bernd Ziesemer in an. Marx's work laid the foundations for future communist leaders such as Vladimir Lenin and Josef Stalin. First published a century and a half ago, Karl Marxs work Das Kapital is still read today. Adam Smith also famously wrote about the capitalist economic system in his 1776 masterpiece, The Wealth of Nations, and Marx was well aware of Smith's writings. While it's unclear whether either Thackeray or Marx was aware of the other's work, both men meant the word to have a pejorative ring. The exact origins of the term "capitalism" in English are unclear, and it is certain that Marx was not the first to use the word "capitalism" in English, although he contributed to the rise of its use and interest in the concept.Īccording to the Oxford English Dictionary, the English word was first used by author William Thackeray in 1854, in his novel The Newcomes, who intended it to mean a sense of concern about personal possessions and money in general.
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