scroll to top
Stuck on your essay?
Get ideas from this essay and see how your work stacks up
Word Count: 499
Capitalism is based upon the ideas of the economist John Smith Smith wrote in his book The Wealth of Nations about an economy free of government intervention Each citizen can pursue his own best interest within the economy Inturn the society would benefit without government becoming involved The French term laissez faire meaning let them do is generally used to describe Smiths capitalistic system Smiths ideas are usually broken down into four basic ideas The first being that an individual should be responsible for his own prosperity By doing so he is likley to be more productive and contribute more wealth and commodities into the economy Second the individual should be the one to decide how his resources are utilized This also includes deciding how his profits from owning these items are used If an individual has the freedom to spend his wealth on what he not only needs but also on what he wants he will strive to produce more revenue Third a society that has economic freedom creates competition Competition leads to a market where buyers and sellers can enter and exit as they please commonly knwn as a free-market economy This promotes growth in the specific market as well as growth in the overall economy The fourth and final idea is that the government should not be involved in the economy Smith felt that the government should be limited to providing defense against foreign countries while allowing its citizens to control the economy He did state that the government should make the rules and decide if and when those rules are broken Karl Marx could be considered completely opposite of Smith Known as the father of communism Marx felt that a society whose economy was under complete government control would be the most prosperous Communism was built around the belief of a classless society where the citizens collectivly owned all resources Workers would produce to the best of their ability
@Kibin is a lifesaver for my essay right now!!
- Sandra Slivka, student @ UC Berkeley
Wow, this is the best essay help I've ever received!
- Camvu Pham, student @ U of M
If I'd known about @Kibin in college, I would have gotten much more sleep
- Jen Soust, alumni @ UCLA