Industrial capitalism was replaced by financial capitalism

- Confusion of economics: Dhawal Mehta

- The fourth stage of capitalism will emerge as knowledge and new inventions

Capitalism has developed in three stages. The first stage was commercial capitalism which started in AD. It started in Italy around 1400 and its center was Geneva, Italy. At the heart of this mercantile capitalism was the vigorous international trade carried on by ships. Commercial capitalism is called merchant or mechantile capitalism in English. This era lasted from 1450 to 1760 in which production was domestic and industries were small and based on handicrafts. But the time came to collect the goods from these small industries and fill them in big godowns (called factories) and then ship them to different places in different countries. Other types of products other than agricultural produce are called cottage industries. In this second phase of industrial capitalism (first on steam and later on electricity) industries became the main centers of production. Agriculture and animal husbandry became secondary. Brought untold money and power to businessmen. With the end of monarchy, the era of democracy began, democracy led to the breakdown of religious societies. The control of the ecclesiastical power over the monarchy has broken down or been reduced to nothing, especially in the Western world. Still in some Muslim nations the religion dominates the monarchy. Most importantly, the industrial age created an entirely new class, the proletariat (workers) in English, and created communist ideology, and communist parties subverted democracy and created personal monopolies (dictatorships). These dictators brutally killed citizens to increase their power or to stay in power.

Finance Capitalism:

The financial crisis caused by America in 2008, which caused great damage to the world, is considered as financial crisis. After financial capitalism, now the fourth stage of capitalism is emerging in which the more important factor than capital has become 'knowledge and new inventions'. We still don't know what form the society will take in the future.

The rise of financial capitalism has shattered Karl Marx's 'Labour Theory of Value'. In the era of financial capitalism, FIRE sectors dominate economics. In the word FIRE, F stands for Finance, I stands for Insurance and RE stands for Real Estate. In financial capitalism, trading futures in financial futures (stocks, bonds, and even speculation) beyond the sale and distribution of commodities to commercial banks and investment banks and their sales generate enormous profits. The financial crisis in America of 2008-2009 shattered the belief that neoliberalism believes in market fundamentalism. The world has come to know how big a crisis marketism creates. The reputation of the Mount Perlin Club in 1947, which established the neoliberalism economic thinking and spread it around the world, has sunk to the bottom. The nations of the world are now starting to establish welfare states. But the world is currently suffering from two crises. (1) Ecological Crisis (2) Poisonous Mixture of Religion and Politics, (3) Super Nationalism in which every nation believes that it is the best in the world. In it too, communism-based nationalism (Russia in China) has taken on a spiritual form. The Marxist statement that religion is an opium of masses seems to be true.