An early market economy and early form of merchant capitalism developed between the 8th and 12th centuries.
The "capitalistic era" according to Marx dates from the 16th century, i.e. it began with merchant capitalism and relatively small urban workshops.
The economic system of this era was merchant capitalism.
Mr. Miller sees this last group as "casualties of merchant capitalism," but he shows that they were also its agents.
In Europe, merchant capitalism became a significant economic force in the 16th century, depending on point of view.
Thus, merchant capitalism preceded the capitalist mode of production as a form of capital accumulation.
John Day, Money and finance in the age of merchant capitalism, 1999.
The initial result is known as "merchant capitalism", which flourished in Western European cities in the 17th and 18th century.
A market economy was established in the Islamic world on the basis of an economic system resembling merchant capitalism.
It was a form of merchant capitalism relying on protectionism.
