Foundations of the Capitalist System Trade between people without government involvement has existed for about as long as mankind. The free market idea of capitalism is a much newer concept; it has only formally existed since Adam Smith argued its benefits and efficient ‘invisible hand’ in his 1776 book The Wealth of Nations. Capitalism’s promotion of individual freedom is closely related to the individual freedom the Founding Fathers envisioned for the United States of America in both the Declaration of Independent and the Constitution. Many people attribute the United States’ rise to power and success to its degree of economic freedom. The existence of democratic capitalism can still been seen in action in American society today. My personal vocational experience is closely
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In his book Free to Choose, economist Milton Friedman describes how dozens of people from different cultures throughout the world come together to build a pencil (Friedman, 1980, p. 12). Each individual all from different industries are working for their own prosperity, yet create a product that everyone benefits from using. My experience working as a tutor has made much more of an impact than simply giving me work experience. The service provided by tutors helps students better understand their course material and perform better in class. I enjoy the work and I am prideful of the impact that is left on the students, but I see the position as something that will benefit me in my career. Students generally come for tutoring because they want their own grades to improve. Despite the motivation of both sides to improve their own selves, the outcome of the interaction is mutually beneficial. In capitalism, self-centered efforts still create benefits for all to
In his book Free to Choose, economist Milton Friedman describes how dozens of people from different cultures throughout the world come together to build a pencil (Friedman, 1980, p. 12). Each individual all from different industries are working for their own prosperity, yet create a product that everyone benefits from using. My experience working as a tutor has made much more of an impact than simply giving me work experience. The service provided by tutors helps students better understand their course material and perform better in class. I enjoy the work and I am prideful of the impact that is left on the students, but I see the position as something that will benefit me in my career. Students generally come for tutoring because they want their own grades to improve. Despite the motivation of both sides to improve their own selves, the outcome of the interaction is mutually beneficial. In capitalism, self-centered efforts still create benefits for all to