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CAPITALISMSENIOR PROJECT RESEARCH PAPERBY JASON GERKENCAPITALISMToday in the United States a free market system or capitalism is the maineconomic system I am interested in this subject because I someday wish toown my own business I believe that in the future this topic will be veryuseful to me Among the topics that I will discuss are the greeks and romansearly practices of capitalism the ideas of Joseph Schumpeter Rush Limbaughand Karl Marx corporations regulation by the government and ReaganomicsI will also discuss the relationship between inflation and unemploymentIn addition I will give my own perspective on the economic theories thatIm presenting These are just a few of the things that I will be discussingin this paperHISTORY OF CAPITALISMMany of the institutions of capitalism can be traced back to Greek and Romantimes Things such as trade moneylending and insurance were well knownpractices to them Unfortunatly growth of the Roman Empire prevented furtherdevelopment of a private business class As power over economic growth came back to the people orlords during the Middle Ages modern capitalism started to evolve The SoftwareToolworks Illistrated EncyclopediaIn the late Middle Ages the medieval economy was based on MANORALISM Thissystem said that peasants worked on the land that the lords owned but everthingthat was produced by them was kept in return they had to perform servicesor pay dues to there lord During this time period there was no incentiveto produce large and productive resources The end of the midieval Manoralismwas brought about by a larger demand for goods Kings competed against lordsand lords competed with peasants for the rights to what was produced Asa result there was an emergence of merchants and businessmen who accumulatedlarge sums of capital In addition there was also a large emergence of banksand the start of corporations Galbraith Pg 58The only other economic system that got much attention was a new idea calledCommunism A person named Karl Marx wrote a book called the Communist Manifestowhich thought of the state
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