Introduction
The capitalism of promoters, large-scale speculators, concession hunters, and much modern financial capitalism even in peace time, but, above all, the capitalism especially concerned with exploiting wars, bears this stamp even in modern Western countries, and some, but only some, parts of large-scale international trade are closely related to it, to-day as always.
But in modern times the Occident has developed, in addition to this, a very different form of capitalism which has appeared nowhere else: the rational capitalistic organization of (formally) free labour. Only suggestions of it are found elsewhere. Even the organization of unfree labour reached a considerable degree of rationality only on plantations and to a very limited extent in the Ergasteria of antiquity. In the manors, manorial workshops, and domestic industries on estates with serf labour it was probably somewhat less developed. Even real domestic industries with free labour have definitely been proved to have existed in only a few isolated cases outside the Occident. The frequent use of day labourers led in a very few cases—especially State monopolies, which are, however, very different from modern industrial organization—to manufacturing organizations, but never to a rational organization of apprenticeship in the handicrafts like that of our Middle Ages.
Rational industrial organization, attuned to a regular market, and neither to political nor irrationally speculative opportunities for profit, is not, however, the only peculiarity of Western capitalism. The modern rational organization of the capitalistic enterprise would not have been possible without two other important factors in its development: the separation of business from
