Capitalism is based upon the ideas of the economist John Smith. Smith wrote in his book, The Wealth of Nations, about an economy free of government intervention. Each citizen can pursue his own best interest within the economy. Inturn, the society would benefit without government becoming involved. The French term laissez faire, meaning "let them do", is generally used to describe Smith's capitalistic system. Smiths ideas are usually broken down into four basic ideas. The …
showed first 75 words of 497 total

showed last 75 words of 497 total
…examples of this. Unlike a communist society the workers in a socialist government are allowed to choose their own occupation. Some countries will even allow private ownership of less necessary business and resources. What goods are produced and distributed are based upon government goals. The idea behind a socialist economy is that of a society in which there is no poverty. Health care and other vital services are provided to all, and strong economic growth.