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Capitalism, as a deliberate economic system, developed incrementally from the 16th century in Europe,[9] although proto-capitalist organizations existed in the ancient world, and early aspects of merchant capitalism flourished during the Late Middle Ages.[10][11][12] Capitalism became dominant in the Western world following the demise of feudalism.[12] Capitalism gradually spread throughout Europe, and in the 19th and 20th centuries, it provided the main means of industrialization throughout much of the world.[3] Today the capitalist system is the world's most dominant form of economic model.

The term capitalist refers to an owner of capital rather than an economic system, but shows earlier recorded use than the term capitalism, dating back to the mid-seventeenth century. The Hollandische Mercurius uses it in 1633 and 1654 to refer to owners of capital.[10] In French, Étienne Clavier referred to capitalistes in 1788,[22] six years before its first recorded English usage by Arthur Young in his work Travels in France (1792).[21][23] David Ricardo, in his Principles of Political Economy and Taxation (1817), referred to the capitalist many times.[24]

According to the Oxford English Dictionary (OED), the term capitalism was first used by novelist William Makepeace Thackeray in 1854 in The Newcomes, where he meant having ownership of capital .[21] Also according to the OED, Carl Adolph Douai, a German-American socialist and abolitionist, used the term private capitalism in 1863.

The initial usage of the term capitalism in its modern sense has been attributed to Louis Blanc in 1850 and Pierre-Joseph Proudhon in 1861.[26] Marx and Engels referred to the capitalistic system (kapitalistisches System)[27][28] and to the capitalist mode of production (kapitalistische Produktionsform) in Das Kapital (1867).[29] The use of the word capitalism in reference to an economic system appears twice in Volume I of Das Kapital, p.h 124 (German edition), and in Theories of Surplus Value, tome II, p. 493 (German edition). Marx did not extensively use the form capitalism, but instead those of capitalist and capitalist mode of production, which appear more than 2600 times in the trilogy Das Kapital.