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Adam Smith did not invent capitalism, but gave it a powerful intellectual justification.  In 1607 capitalism had already played a prominent role in the first settlement of North America at Jamestown, which was funded by a joint-stock company (a privately owned company having a structure similar to the corporations of today).  In joint-stock companies or corporations, decisions are made privately by those acting on behalf of the owners, without any direct control by government.

Adam Smith did not invent capitalism, but gave it a powerful intellectual justification.  In 1607 capitalism had already played a prominent role in the first settlement of North America at Jamestown, which was funded by a joint-stock company (a privately owned company having a structure similar to the corporations of today).  In joint-stock companies or corporations, decisions are made privately by those acting on behalf of the owners, without any direct control by government.