Chapter 5. Political Ideologies

Date: 2015-10-07; view: 551.

1. Who was Adam Smith. What was his contribution to Capitalism?

Book, “Political Theories for Students”, pages 25-27

Adam Smith (1723–1790), an early theorist of capitalism, wrote his book An Inquiry into the Nature and Causes of the Wealth of Nations in 1776 which, though not immediately a success, became the first publication having to do with capitalistic theory.Smith recommended allowing the market to make economic decisions through self–regulation rather than allowing the government to control commerce and industry.

The main idea of his book was that there is a natural progression through four stages that humans follow, from the crude caveman to more organized agriculture, then to feudal farming and finally to capitalistic independence and commercial wealth.

2. White shortly about St. Thomas Aquinas and his contribution to Capitalism.

Book, “Political Theories for Students”, pages 22-24.

3. What are the main Factors for Capitalistic society? Individualism, Market economy, Decentralization, Links between supply and demand, Competition, Profit.

Book, “Political Theories for Students”, pages 27-29.

4. Write briefly about Capitalism in USA. Rise of the service economy, Non–Profits, The government steps in, The debate over public vs. private

Book, “Political Theories for Students”, pages 27-29.

5. Compare Capitalism in Germany-Japan and USA-UK

Book, “Political Theories for Students”, pages 34-37.