Julia Johnson

What is Capitalism?

Capitalism is an economic and political system in which a county's trade and industry are controlled by private owners for profit, rather than by state.

Adam Smith's Capitatlism

Adam Smith's capitialism was the best economic philosphy, attracting many people because:

  • Capitalism has political freedom
  • Capitalism has a lack of government intervention
  • In capitalism production is owned by private firms
  • In capitalism goods and services are distributed according to price merchanism

Advantages Capitalism has Over Other Philosophies:

  • Capitalism is more efficient
  • Capitalism increases economic growth
  • Capitalism increases wealth
  • Capitalism enables a higher standard of living

Places that Practice Capitalism:

  1. USA
  2. UK
  3. Germany
  4. Greece
  5. Italy
  6. Spain
  7. Ireland
  8. Portugal
  9. Russia
  10. South Africa