Adam Smith and the Capitalist System

In order for a society to run successfully it starts with having a central government and stable economy. The success of a country or society depends on the structure and economic theories of an economy. There were many changes going on throughout the world during the 18th century.

 

Specifically, during the time period from 1700-1800 that were a number of changes that were revolutionizing the state of the world economy. Adam Smith arose during the Eighteenth century and introduced the idea of capitalism. Adam Smith bought upon a new form of economics where there was a competitive market for many corporations (Columbia). Furthermore this entire idea brought upon the idea of a socialist type of economy (Dobb 4). This new idea of an economy created a new and entirely new blind concept to many people throughout the world.

 

Additionally, the new idea of a capitalist economy brought upon a new form of government idea called Democracy. As the idea of a capitalist economy grew so did the rising idea of a democratic society. More and more people began to speak out and share their ideas about economics. This also translated into the idea of the Enlightenment which had a major impact in just about every region of the world during the 1700’s to 1800’s.

 

Overall an economy is what stabilizes a society and a unified country. Without the economic ideas that push forward and bring success to a civilization there would be no form of a “society”. Adam Smithy revolutionized and forever changed the world economy.

 

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One thought on “Adam Smith and the Capitalist System

  1. I greatly appreciate your blog. I agree that a countries success is based on the structure of the economy. However, this is only possible if there is a good leader in the line. Good job!

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