A succinct definition of capitalism is: "An economic system by which ownership of capital or wealth, the production and distribution of goods, and the rewards of labor, are entrusted to and effected by, private enterprise. (The Reader's Digest Great Encyclopedic Dictionary, 1964, p.136) Another more comprehensive view of capitalism is the following. .

             an economic or socio-economic system in which the means of production are overwhelmingly privately owned and operated for profit, decisions regarding investment of capital are made privately, and where production, distribution, and the prices of goods, services, and labor are affected by the forces of supply and demand. (Capitalism: Wikipedia) .

             Both the above definitions posit a number of central factors that are prominent in the history of capitalism. The first and most obvious aspect of the capitalistic ethos is the concept of personal profit. This aspect is aligned with the central concept of private ownership and the determinations of the labor market. .

             The roots of the theory of capital as we knew it today evolved during the 18th and 19th centuries and were formed primarily in the context of the industrial revolution and European imperialism. (Capitalism: Wikipedia) There are various theories about the history and emergence of capitalism. One of these, which has proven to be controversial, is the view that there are three periods of capitalism known as early, middle, and late periods. Other theories of the historic evolution of capitalism assert that capitalism is a social aspect that cannot be bound by any particular time period. " Some philosophers consider capitalism not a time-bound practice or a historical era at all, but the recognition of some timeless elements of the human condition." (Emergence of early capitalism) .

             The common consensus however is that the history of capitalism began with the advent of mercantilism in human history, which originated in Rome and the Middle East, as well as in the early Middle Ages.