The Economic System Of Capitalism - 1639 Words

The Industrial Revolution in Western Europe provided the context for economists and political writers of the nineteenth century to promote three different economic plans designed to meet the needs of workers and entrepreneurs. Capitalism was first proposed by Adam Smith as a reform plan for the existing economic system of mercantilism. The major tenets of capitalism included: free enterprise, competition at every level, and private property. Although there were many advantages including new inventions and rewarding excellence there were also disadvantages including how harsh people were treated where they worked and people making up others privileges. The economic system of capitalism was implemented in India with the British East India Company during the seventeen and eighteen hundreds. It was unsuccessful because it became corrupt, abusive of workers, and was ultimately replaced because of revolts. The economic system of capitalism did not address the needs of both entrepreneurs an d workers because the workers didn’t ask to be abused like they were and the entrepreneurs sort of did because they got to run their business how they wanted to. (#1#6)The Industrial Revolution provided the historical context for a new economic plan, capitalism, which was promoted by Adam Smith. The Industrial Revolution was not a single event but a complex process that unfolded over a span of many decades. The Industrial Revolution first appeared in Great Britain. It then moved into WesternShow MoreRelatedCapitalism And The Economic System Of Capitalism1820 Words   |  8 PagesThroughout history, Capitalism in America has been proven to be simply the greatest economic system that brings people from nothing to something. This system has allowed America to grant opportunities to millions of people from all different backgrounds that Socialism and Communism could not duplicate. 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