Capitialism

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Capitalism is an economic system in which money is invested in business ventures with the intent of making a profit.

Laissez-Faire means:

"let them do as they please"

Adam Smith was a professor at the University of Glasgow, Scotland. He defended the idea of a free economy or free market. In 1776, he wrote a book called "The Wealth of Nations." He claimed that the government did not need to interfere in the economy. In his book, he argued that if individuals freely followed their own self interest, then the world would be an orderly and progressive place. Thomas Malthus and David Richardo supported Smith's beliefs. They both believed that natural law governed economic life.

Laissez-faire is the foundation of capitalism. Mathus built upon some of Smiths ideas. He wrote an essay on the Principle of Population in 1798. He argued that the population tends to increase the more rapid than food supply. In 1840 this was proven.

David Richardo continued Malthus theory in his book Principles of Political Economy and taxation in 1817. He believed that a permanent underclass would always be poor. All three of these thinkers opposed government efforts to help the poor.

Capitalism exists in America and is globally spread.

America Runs on Capitalism