EAS247H1 Lecture : 2nd Lecture Notes

Which statement best describes capitalism?

a. capitalism is an economic system in which the means of production and distribution are in state hands.
b. capitalism is an economic system that operates under the profit motive.
c. capitalism is an economic system that dispenses with the competition.
d. capitalism is an economic system where the profits generated belong to the state as a whole.

What is the role of colonialism in the emergence and development of industrial capitalism in Europe?

"Colonialism played a vital role in the emergence and development of industrial capitalism in Europe". Explain how colonialism played a  very crucial role in the development of industrial capitalism in Europe.