Capitalism

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Ages, the medieval economy was based on MANORALISM.
This system said that peasants worked on the land that the lord's owned, but
everthing that was produced by them was kept in return they had to perform
services or pay dues to there lord. During this time period, there was no
incentive to produce large and productive resources. The end of the midieval
Manoralism was brought about by a larger demand for goods. Kings competed
against lords, and lords competed with peasants for the rights to what was
produced. As a result, there was an emergence of merchants and businessmen who
accumulated large sums of capital. In addition, there was also a large
emergence of banks and the start of corporations. (Galbraith Pg. 58)
The only other economic system that got much attention was a new idea
called Communism. A person named Karl Marx wrote a book called the Communist
Manifesto which thought of the state as being the main controller of economic
growth, unlike capitalism ...

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to stifle this creative force." He
also predicted that capitalism would eventually be replaced by some form of
socialism in order to protect the people and the global environment. (The
Software Toolworks Illistrated Encyclopedia)

Arguments for and Against

Capitalism today differs from capitalism of the 19th century because
of its dependence on the state. Today government is expected to take measures
in order to stop inflation and unemployment. A British economist named John
Maynard Keynes said, "government should spend more money in times of slump, and
also reduce taxes in order to increase aggregate demand for goods and services,
and in boom times the policies should be ...

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