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

Culture plays a very important role in capitalism. Culture affects the norms, the values and the behaviour of the capitalists. These norms and behaviour help them to earn profit and money which is the main characteristic of the capitalist economy. That is why culture is so important.

Other things that can be considered which affect capitalism are politics of a country, technology advancement.

Politics of a country means forming of policies by the government which cooperate with the capitalists so that they can do their business properly and earn money. Spending of money by government also leads to increase in economic activities by the capitalists. So politics play an important role in capitalism.

If there is advancement in the technology of a particular area, the efficiency of production will increase and will help the capitalists to do more business and earn higher profits.