The term “capitalism” is generally applied to the system under which the instruments of production are the property of private owners, who usually employ managers and manual workers to carry out production by their means…

A word first of all to indicate clearly the point of view which characterizes the study. I shall not enter into the question of the formation of capital itself, that is, of the sum total of the goods employed by their possessor to produce more goods at a profit. It is the capitalist alone, the holder of capital, who will hold our attention. My purpose is simply to characterize, for the various epochs of economic history, the nature of this capitalist and to search for his origin.

ABOUT THE AUTHOR

<b>Henri Pirenne</b> (1862-1935) was a Belgian historian who made significant contributions to the field of medieval history.