Paper Topic:

Capitalism

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Capitalism

The capitalist system has played an important role in the advancement of international trade and world economy . Capitalism paved the way for the means of production to be privately owned and operated for the purpose of profit . This also empowered the free market to determine production , distribution , and pricing of goods and services (Kennedy This kind of process is considered as the backbone of most economies in the world . Being the case , it is undeniable that capitalism has

a huge influence in the economy and even among the lives of most people around the globe . Because of this , the origins of capitalism should be given due consideration and importance in to see its evolution and influence to the society

The term Capitalism ' was coined by Adam Smith in his book The Wealth of Nations ' Adam Smith referred to capitalism as the new economic system because he believed that capital represents individual liberty . He was regarded as the father of capitalism ' because he was the modern proponent that defended the basic principles of individual liberty . He emphasized that individual liberty is a pre-requisite in achieving a moral , prosperous , and free society . In this sense , Adam Smith deemed that capital is more important than land or labor because it is something that any individual could privately own . In comparison with land that is usually in the control of few people or labor that is dependent upon the wage given by...

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