What Came Before Capitalism

In effect, feudalism began to lay some of the foundations necessary for the development of mercantilism, a precursor of capitalism. Feudalism was mostly confined to Europe and lasted from the medieval period through the 16th century.

What was the economy in the US before capitalism?

The colonial economy of what would become the United States was pre-industrial, primarily characterized by subsistence farming. Farm households also were engaged in handicraft production, mostly for home consumption, but with some goods sold, mainly gold.

How did capitalism begin?

The first stage of capitalism came about during the 17th century, when merchants gradually became more involved in the production of goods by supplying materials and paying wages. The merchant made the transition to capitalism by making profits from the ownership and control of the means of production.