Certainly the role of capital, the market, and individual competition, was not as important in the sixteenth century as it was to become later on. At the same time, all the decisive elements of modern capitalism had already by that time come into existence, together with their psychological effect upon the individual. While we have just described one side of the picture, there is also another one: capitalism freed the individual. It freed man from the regimentation of the corporative system; it allowed him to stand on his own feet and to try his luck. He became the master of his fate, his was
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