>an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market[0]
>which had been developing for centuries earlier
The use of capital has existed for thousands of years already. One could make the case that there is no such thing as capitalism but rather the desire for the realization of interests. The ruling class "before capitalism" was also capitalist: the lords' power was derived from their capital- the land. The only real difference between the mercantile class and the landed gentry was the respect they commanded when it comes down to it.
The ruling class before capitalism was not capitalist — the nature of property rights in land was very different under feudalism than it is under capitalism.
See dragonwriter's point above mine. Specific property rights are not necessary for capital to exist. Can you explain then why the nature of property rights was so different that ownership of it could not be consideres capital? Keep in mind that nobles could in fact sell their land at many points and places during medievil history.
Aditionaly, I made the case that one could say there is no capitalism. Could you explain, then, what capitalism is and why it would somehow only exist from the 18th century or later?
>an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market[0]
>which had been developing for centuries earlier
The use of capital has existed for thousands of years already. One could make the case that there is no such thing as capitalism but rather the desire for the realization of interests. The ruling class "before capitalism" was also capitalist: the lords' power was derived from their capital- the land. The only real difference between the mercantile class and the landed gentry was the respect they commanded when it comes down to it.
[0]https://www.merriam-webster.com/dictionary/capitalism