Bussiness

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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 where the people in a free market are the ...

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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 reversed to hold down inflation." Most liberal economists ...

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