Capitalism-AP World History

Capitalism-AP World History

Adam Smith
Father of modern Capitalism and author of wealth of nations(book by him outlining principles of Capitalism
Characteristics
1) Private Ownership
2)Lassiez-Faire “Hands Off”( non-government) intervention in business industry and trade regulated, but not owned or controlled by the government
3)Competition and free enterprise encouraged
4)”Invisible Hand” (supply and demand will promote interests in society)