Part one of term paper
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 " ...

Part two of term paper
... the individual should be the one to decide how his resources are utilized. This also includes deciding how his profits from owning these items are used. If an individual has the freedom to spend his wealth on what he not only needs, but also on what he wants, he will strive to produce more revenue. Third, a society that has economic freedom creates competition. Competition leads to a market where buyers and sellers can enter and exit as they please, commonly knwn as a free-market economy. Th ...