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Economy
Origins and EtymologyHistoryEconomic sectorsAncient timesMiddle agesEarly modern times The industrial revolutioCapitalism and communismAfter World War IPostmodern economyEconomic measures
Origins and EtymologyHistoryEconomic sectorsAncient timesMiddle agesEarly modern times The industrial revolutioCapitalism and communismAfter World War IPostmodern economyEconomic measures
Capitalism and communism
Starting in England, simultaneous related processes of mechanization, and the enclosures of the commons, led to increases in wealth for the controllers of capital, and mass poverty, starvation, urbanization and pauperization for much of the population. This led some, such as Karl Marx (1818-1883) and the German industrialist and philosopher Friedrich Engels, (1820-1895) to describe economy as the "system of capitalism".The exploitation of labour and nature by the capitalist is creating a surplus value. The capital will accumulate itself and finally destroy the competition. Therefore the system of communism should liberate the economy from the reign of capital. The first centrally planned economy was established after the Russian Revolution of 1917 by Lenin.
Other states launched social security systems in order to minimize the effects of uncontrolled capitalism, called Manchester capitalism.