Adam Smith did not invent capitalism, nor did he invent the word. He described trade of goods and services. He also articulated the reason free choice and trustworthy participants underlies sustainability of trade. Most important, he explained in great detail the principles of efficient production by means of: Division of labor, use of tools and economic scale to … Continue reading EXPLAINING ECONOMICS In a System of Free-market Capitalism
Tag: Capitalism
EXPLAINING CAPITALISM
Long before there was government, there was capitalism. Capitalism is not an institution, it has no leader, is not a part of government, was not invented, it is free, and the only basis for its reoccurring for thousands of years is that it works! In its simplest form it requires: Two persons, two assets and mutual desire of … Continue reading EXPLAINING CAPITALISM
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