How has Myths Influenced Modern Capitalism?

Abstract

This essay examines the complex relationship between myths and contemporary capitalism, demonstrating the significant impact myths have had on society norms and economic ideology. While the British Industrial Revolution is frequently cited as the catalyst for the formalization of modern capitalism, myths have always been a part of human civilization. In the opening section of the investigation, myths are described as sacred stories focusing on crucial moments of “permanent significance.” The distinctive characteristics of myths make it possible for them to be spread through educational channels, a convergence of the efficiency principles of capitalism and the educational value of myths. This essay examines how myths reflect and influence modern socioeconomic activity by analyzing them using Joseph Campbell’s monomyth structure. Beyond the realm of education, myths are entwined with cultural narratives, affecting society values and ambitions, which is particularly clear in myths like the “American Dream” and the “infinite growth myth.” The essay uses a case study approach to illustrate how the American Dream and the idea of unlimited progress are compatible with capitalist beliefs. Case studies are complemented by secondary research, which offers broader contextual understandings. This essay, while acknowledging its limits, fills the gap between socioeconomics and mythological consequences by providing insightful details about the dynamic interaction between myths and capitalism doctrines. The essay reveals the extent of myths’ influence on forming the outlines of modern capitalism and our perceptions of success, development, and the human experience by examining their continuous significance and far-reaching effects.