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Today in the United States a free market system or capitalism is the main economic system I am interested in this subject because I someday wish to own my own business I believe that in the future this topic will be very useful to me Among the topics that I will discuss are the Greeks and Romans early practices of capitalism the ideas of Joseph Schumpeter Rush Limbaugh and Karl Marx corporations regulation by the government and Reaganomics I will also discuss the relationship between inflation and unemployment In addition I will give my own perspective on the economic theories that Im presenting These are just a few of the things that I will be discussing in this paper Many of the institutions of capitalism can be traced back to Greek and Roman times Things such as trade money lending and insurance were well known practices to them Unfortunately growth of the Roman Empire prevented further development of a private business class As power over economic growth came back to the people or lords during the Middle Ages modern capitalism started to evolve The Software Tool works Illustrated Encyclopedia In the late Middle Ages the medieval economy was based on MANORALISM This system said that peasants worked on the land that the lords owned but everything that was produced by them was kept in return they had to perform services or pay dues to there lord During this time period there was no incentive to produce large and productive resources The end of the medieval Manoralism was brought about by a larger demand for goods Kings competed against lords and lords competed with peasants for the rights to what was produced As a result there was an emergence of merchants and businessmen who accumulated large sums of capital In addition there was also a large emergence of banks and the start of corporations Galbraith Pg 58
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