While capitalism and socialism are often presented as opposing economic systems, in reality, the economies of most countries exist on a spectrum incorporating elements of both. No economy is purely capitalist or socialist. Rather, most feature markets and social welfare systems tailored to meet the ...
The capitalism of Adam Smith's devising is intent upon unfettering our natural liberty so that we might act upon our interests to the betterment of the whole. Government agencies promoting a cheerful and hearty populace were taken by Smith as a necessary ingredient to his scheme. The free-mar...
Kyle Smith
17th century English Puritans, who were known for their strong work ethic, are often cited as the first modern capitalists because of their focus on the importance of productive labor. The origins of capitalism actually go all the way back to 16th century Europe, however, when the decline of...
Adam Smith's self-interest economic theory proposes that capitalism fueled by self-interest is ultimately the best way to a thriving economy. Because of human desire for money, success, or fame, they will be motivated to improve their quality of work, products, and compete with others. In ma...
socialdemocratic outfitthat keenly embraces capitalism. Mr Ramahimself laments the tendency of politicians to treat their opponents as enemies,in the style and language of the past. “Wedon’t yet understand how to live togetherwith people who...
The enclosure movement was but one part of a wide-reaching process of state intervention in creating capitalism. Moreover, it is just one way of creating the "land monopoly" which ensured the creation of a working class. The circumstances facing the ruling class in the Americas were distinctly...
The world’s greatest rugby tournament started in a very Hong Kong way: humbly, with a side order of capitalism. In 1976 the idea of a sports tournament began over a boozy lunch as a way to market a tobacco brand (those were the days!) and, a few months later, 3,000 p...
In a market full of uncertainty, it is the entrepreneur who can actually help clear up uncertainty, as they make judgments or assume risk. To the extent that capitalism is a dynamic profit-and-loss system, entrepreneurs drive efficient discovery and consistently reveal knowledge. ...
Marxism is an economic and political theory that examines the flaws inherent in capitalism. It’s primarily based on the work of German philosopher and economist Karl Marx.1 Marxist theories were influential in the development of socialism, which advocates for the shared ownership of the means of...