Capitalism ppt.

CAPITALISM

Janu – Lee C. Tarnate

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What is Capitalism?









Capitalism, economic system in which private individuals and business firms carry on the production and exchange of goods and services through a complex network of prices and









Although rooted in antiquity, capitalism is primarily European in its origins; it evolved through a number of stages, reaching its zenith in the 19th century. From Europe, and especially from England, capitalism spread throughout the world, largely unchallenged as the dominant economic and social system until World War I (1914-1918) ushered in









The term capitalism was first introduced in the mid-19th century by Karl Marx, the founder of communism. Free enterprise and market system are terms also frequently employed to describe modern non-Communist economies. Sometimes the term mixed economy is used to designate the kind of









The individual who comes closest to being the originator of contemporary capitalism is the Scottish philosopher Adam Smith, who first set forth the essential economic principles that undergird this system. In his classic An Inquiry into the Nature and Causes of the Wealth of Nations (1776), Smith sought to show how it was possible to pursue private gain in











Capitalism has also returned to its roots, in the free market, and











The Principles of











Private











Private ownership of property “…human beings are most effectively motivated by self interest (Sargent)”











Private ownership of the means of production is the most fundamental of the institution of capitalism, along with freedom and the pursuit of material self – interest.

























The Effects of a Free Market













































































































































Critics of Capitalism









Result of Capitalism… extremes of wealth and power, the power such wealth gives its owners over the political processes, and the extreme inequality between









Sources: Reisman, George (1990). Capitalism: A Treaties on Economics. James Book, Ottawa Illinois.









Fin…

Capitalism ppt.

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