Capitalism is an economic system characterized by the private ownership of the means of production, the pursuit of profit, and market competition.
Merchants played a huge role in creating capitalism. Capitalism really started to emerge during the 17th century. At first the merchants were a link between the consumer and producer. Gradually they began to dominate the latter, first by placing orders and paying in advance, then by supplying the raw materials, and paying a wage for the work done in producing goods. The concept of a waged worker signaled a crucial stage in the development of capitalism. It’s introduction began deriving wealth from the ownership and control of the means of production.
With the establishment of capitalism
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