Capitalism Is A System Of Economic Enterprise Based On...

Capitalism is a system of economic enterprise based on market exchange. The concise definition from the oxford dictionary is a system of wage-labour and commodity production for sale, exchange and profit, rather than for the immediate need of the producers’. The word Capital refers to wealth or money used to invest in a market with the hope of achieving a profit. In other words, Capitalism is often described as an economic system in which the means of production and distribution are privately or corporately owned and development occurs through the accumulation and reinvestment of profits gained in a free market. Capitalist beliefs have been used as early as the 18th century specifically during the Scramble of Africa. The Scramble of†¦show more content†¦Whereas Africans believed in collectivism which is the theory and practice of the ownership of land by the means of production by the people or the state. To the Europeans Africa was underdeveloped, slow and not conscious of all of the resources that were assessable. Ultimately, The Europeans use of capitalism in Africa led to the depletion of Africa’s natural resources and the principle of domination. The dominant group (Europeans) had power over the subordinate group (Africans). The dominate group marginalized the Africans by confining them to a lower or outer limit of social standing so that the Africans could stay oppressed. Due to the Europeans use of capitalism, domination, and colonization people of the African Diaspora have been oppressed for generation after generations by the exploitation of their resources and the belief of having no culture. Black elites such as W.E.B Dubois, Marcus Garvey and Walter Rodney all appropriated strategies for black advancement. But despite such efforts all of their ideologies for black advancement differentiated in numerous ways. Dubois, Garvey and Rodney were the voices of the black movement around the world. For instance, W.E.B Dubois strongly believed that capitalism was the primary cause of racism. Dubois was a sociologist, historian, civil rights activist, and Pan-Africanist. He examined the geopolitical shifts in Europe, its colonies, as well as