The Stages in the Social History of Capitalism

"The Stages in the Social History of Capitalism" by Henri Pirenne is a historical exploration into the development of capitalism from the medieval period to more modern times. The book studies the defining traits and sources of different capitalist groups across different economic periods. It puts forward an explanation of how societal changes shaped the capitalist class and suggests each major shift in economic structure brings about a new capitalist group, unlike those of the past. Pirenne contends that capitalism has old origins, existing in different forms in the Middle Ages, specifically in urban centers such as Venetian, Genoan, and Tuscan city-states. He traces how economies moved from early agriculture to the beginning of business practices in medieval towns, pointing to figures like St. Godric of Finchale as early capitalists who accumulated wealth through trade. As economic systems grew into more complicated systems, the characteristics of capitalists changed, leading to new classes influenced by different conditions. The book suggests that each capitalist class starts with a unique drive, but eventually becomes traditional as they try to protect their position facing adding rules and rivalry, reflecting the cyclical nature of economic history.