Difference between revisions of "Capitalism"
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| − | Capitalism is the economic system which became dominant in the Western world after the end of [[feudalism]]. In this system, most of the means of production are privately owned and income is distributed largely through the operation of markets. | + | Capitalism is the economic system which became dominant in the Western world after the end of [[feudalism]]. In this system, most of the means of production are privately owned and income is distributed largely through the operation of markets. Capitalism is widely attributed to [[Adam Smith]], often called "The Father of Capitalism." Smith's version of capitalism was later replaced by a form of capitalism developed by [[John Maynard Keynes]]. |
Revision as of 06:08, March 12, 2007
Template:Stub Capitalism is the economic system which became dominant in the Western world after the end of feudalism. In this system, most of the means of production are privately owned and income is distributed largely through the operation of markets. Capitalism is widely attributed to Adam Smith, often called "The Father of Capitalism." Smith's version of capitalism was later replaced by a form of capitalism developed by John Maynard Keynes.