Economy / capitalism

Capitalism

1) history

To find the origins of modern markets we have to go back to the Roman Empire and the Islamic Golden Age and Muslim Agricultural Revolution. In there the earliest form of capitalism began in between 8th-12th centuries. Many Muslim mechants lead innovative trades.
In 16th-18th century the mercantilism took lead, geographic discovery and overseas trade grew rapidly. Empires bulit colonies and merchants used colonies as there markets and source of surplus. In this time system of trade for profit was made. The commercial stage began with British and Dutch East India Company. Through Industrial Revolution, industrial capitalism was on the rise. Division of work and routinization of individuals position made much more profits.
In late 19th century, oligopolistic firms earning enormous profits took a lead in economy. Large industrial monopolies were made. In last quarter of the 19th century, people raised hare about tyrannys of specific oligopolistic firms. They want trust and ethics in trade, and those needs provoked legislation of commerce.

2) how capitalism works.

Individuals engage in economy as sonsumers, labours, or investors.
Business firms seeking profits as much as they can get, they decide what and where they will produce. By profit motive, they produce what consumers want.
Capitalism is compeletely competetive structure. Each labours' income is determined by individuals' ability. If you have high-degree skill, you will get high income, but if you don't, you will get lower wages. Following this competetive structure, unemployment is neccessary factor of capitalism to influence labours to work hard and make more profits.
In capitalism, goverment has important role, too. goverment allows private property and also labours have freedom to choose where they want to work. And government issues money, provides public utilities, make laws to protect labours and prevent excessive competetion between firms.

My opinion

I grew up in capitalism, and I got used to it. When I was young, I learned that capitalism gives motivation to people to work hard, and that makes the country strong. But in socialism, because whther individuals work hard or not they all get same income, nobody wants to work and evetually that makes the country poor. So, I naturally thought capitalism is good and socialism is bad.
But as I grow up and studying capitalism and socialism deeper, now I learned that capitalism also has lot of problems that makes people sacarstic, selfish and makes society many unfair.
I think when we think of most of social issues, we should not determine what is right or what is wrong, and there is no absolute answer. To make better world we have to consider each opinions deeply, and try to think thoroughly. And that's the reason that we study sociology.

Quesiton

Is there any other theories that put together capitalism and socialism? Or any other scholars who tried to supplement the problems of each theories?