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Capitalism Capitalistic economic practices have incrementally become institutionalized in England between the 16th and 19th centuries, although some features of capitalist organization existed in the ancient world, and early aspects of merchant capitalism or commercial capitalism[16] flourished during the Late Middle Ages.[17] Capitalism has been dominant in the Western world since the end of feudalism.[17] From Britain, it gradually spread throughout Europe, across political and cultural frontiers. In the 19th and 20th centuries, capitalism provided the main, but not exclusive, means of industrialization throughout much of the world.[18] A radical conception of capitalism known as anarcho-capitalism, seeks to eliminate the state and replace it entirely by market processes and private enterprise. The Austrian School is largely sympathetic to this view. According to the Oxford English Dictionary, capitalism was first used by novelist William Makepeace Thackeray in 1854, by which he meant having ownership of capital. In 1867, Proudhon used the term "capitalist" to refer to owners of capital, and Marx and Engels refer capitalist to the capitalist mode of production (kapitalistische Produktionsform) and in Das Kapital to "Kapitalist", "capitalist" (meaning a private owner of capital).[19]
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