OBSERVER'S CORNER

Capitalism is an economic system where the ownership of the distribution and means of production is in the hands of private individuals. Capitalism was a gradual emergence from the slave system or society where the mental and physical ability of the slave was owned by the slave master.  After the collapse of the slave society came the feudal system. under this system the slave is given the little freedom to work on his own farm but still devote time to work on the farms and plantation of the slave master who is now the feudal lord and the slave the serf. with this the serf has no right to work under any other person's farm except his master. under the feudal and slave societies what was practiced was the cottage industry and agrarian society respectively. Capitalism rose out of these systems when industrial revolution became effective in Western Europe which gave rise to industries which became the main aspect of the economies. All these systems are the same at the basi