Question

According to historian Joyce Appleby, capitalism may be defined as "a cultural system rooted in economic practices that rotate around the imperative of private investors to turn a profit."

1) Why do you think Appleby emphasizes this aspect of "culture"? In your opinion, what are some other important points we may want to consider to explain the nature of capitalism that may not be included under the culture heading? For instance, what about the role played by politics, religion, or technology?  

Answer 1

Appleby's definition of culture varies across nations. She states that this culture started when European's started the production of sugar and cocoa with the help of the slave system. When they saw the profits they can reap under this system, they became sharper. With the coming of the modern world where there were no slaves, it took on a new concept where private investors employ laborers to make a profit. This is the culture she defines, which was taken from the past but in the present as a new form.

We don't generally make and spread technologies which are not useful and wouldn't make a profit. This is what's happening now in the relation between capitalism and technology. Capitalist bring new technology which increases their profit, take for example the mobile phone sector, we have seen a considerable and fast paced development of technology in this sector due to the immersive profit then come with. So, capitalists follow the technology that helps in making a profit.