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The Rise Of Capitalism And Its Opposition
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Developments in the 18th century paved the way for the emergence of modern capitalism. Among these developments was the thought of British philosopher, Adam Smith. Smith tried to show the existence of an economic order that would function most efficiently if the state played a limited role. He saw in the division of labor and the extension of mar ....
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....m is an economic system in which the means of production and distribution are privately owned and operated for profit (Webster's pp.92). Though the term capitalism was not introduced until the mid-19th century, the individual who comes closest to being its originator is the Scottish philosopher Adam Smith. Smith first set forth the essential econom.... |
| Word count: 1892 |
Page count: 7 |
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