• In 18th century, the main principle of capitalism was laissez-faire (= let them do) promoted by Adam Smith.
• Under the principle, people could compete freely, with minimal government intervention in the economy.
• Today, the form of capitalism has changed a little.
• Even today, private ownership and maximization of profits are the most important characteristics of capitalism.
• But different from laissez-faire, government regulation is often found in economic activities in order to protect consumers, workers, and company’s investors etc.
• In 18th century, the main principle of capitalism was laissez-faire (= let them do) promoted by Adam Smith. • Under the principle, people could compete freely, with minimal government intervention in the economy. • Today, the form of capitalism has changed a little. • Even today, private ownership and maximization of profits are the most important characteristics of capitalism. • But different from laissez-faire, government regulation is often found in economic activities in order to protect consumers, workers, and company’s investors etc.
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