Capitalism
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Capitalism allows private individuals and businesses, rather than the state, to invest money and resources into profitable commercial activities. Adam Smith was an early champion of capitalism, publishing "The Wealth of Nations" in 1776 which discussed key capitalist concepts like the law of supply and demand, division of labor, and using profits to generate more profits. While early forms of capitalism like mercantilism focused on countries controlling trade for economic gains, modern capitalism as practiced in the US allows for free market forces and has incorporated some socialist policies.
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Capitalism is an economic system defined by private ownership of production assets and the operation of markets. It has key features like the existence of companies, a profit motive, competition between producers, freedom of enterprise, private property rights, economic inequalities, and the sovereignty of consumers. Supporters argue it is morally justified based on natural property rights and its economic benefits like efficiency. However, critics argue it leads to problems like inequality, concentration of wealth, and the formation of monopolies and oligopolies that undermine competition.
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This document outlines several theories of international trade, including classical and modern theories. It discusses classical theories such as mercantilism, absolute advantage, comparative advantage, and the Hecksher-Ohlin theory. Modern theories covered include the country similarity theory, product life cycle theory, global strategy rivalry theory, and Porter's theory of competitive advantage of nations. The document provides details on the key aspects and implications of each theory.
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Capitalism
- 1. Capitalism 6B Team 2 Leader: Holly Griffith Writer: Caitlyn Pytel Presenter: Bryce Rounds
- 2. What is Capitalism? Capitalism keeps the production of cheaper and more efficiently made goods and services. A capitalist can invest their money into a business activity if it is profitable Capitalism states that the best use of money is to invest Money or resources invested to start a business
- 3. Adam Smith and Modern Capitalism Adam Smith was a student and supporter of capitalism Studied at a university in Glasgow and Oxford in England Taught at Glasgow Published “The Wealth of the Nations” – most important studies of economics Capitalism’s first great champion
- 4. More on Adam Smith In 1776, Smith published his book, The Wealth of Nations In his book he discussed: the law of supply and demand, division of labor, and how profit should be used to make more profit Smith believed that no one, except the government to prevent unfair advantages should interfere in any transaction
- 5. Forms of Capitalism Mercantilism In mercantilism, countries grew rich and powerful by controlling trade Countries should sell more goods than they buy Advisors said that the best way to keep money is to make tariffs – very high fees on goods produced in a rival country
- 6. US and Capitalism Today, the US uses the capitalism system We have adopted some socialist ideas
- 7. Vocabulary Capitalism – money or property, especially when used to make more money Division of labor – different people doing different jobs that contribute to the same task Free market – when both the seller and the buyer agree on a fair price without anyone else’s influence or control Standard of living – all the things people have to make their lives comfortable