The definition of capitalism would be an economic system in which private individuals own the factors of production and decide how to use them within legislated limits. Laissez faire is another name that was given by Scottish philosopher Adam Smith. He said it is better for a government to have no intervention in the economy at all and an individual pursuing his own self-interest tends to also promote the good of his community as a whole through a principle that he called “the invisible hand.” Capitalism is based upon private ownership of property and every person has the right to live his life in any manner he chooses, as long as he does not violate the rights of others. Individuals are allowed to run their own businesses in a free market in such way that he or she creates the wealth for him or her self. It usually depends on how self-motivated a person is and how determined are they to do exceed there own expectations. Capitalists believe that the only purpose of a government is to protect its citizens from force or fraud. They claim that the force is the protection of individual’s rights. This is achieved in such ways as the use of police force to protect the rights of citizens at home, a military to protect citizens from foreign attack, and a court system to enforce contracts and settle disputes between residents. Capitalists also feel that initiating force can only violate rights, thus the government only uses force in relation of those who initiate it. From...
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...tator come into office just like how history has shown.
Using a mixed economy there shall be government intervention to create laws that insure the basic rights of its citizens are protected and to prevent foreign attacks. All workers should be treated fairly and equally. Every individual has the possibility to start his or her own corporation or choose to work for someone. Minimum wage is set so all workers receive at least this amount of pay, and then wages must go up according to their type of job. In addition, good working conditions must be provided for safety reasons, no child labor, and no discrimination at the work place are a few laws that are required to keep the economy going. Capitalists and socialist disagree about certain ideas each group has however the protection of its people are most important since it’s the essential part of the working class.
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