Beginning of Essay
Developments in the 18th century paved the way for the emergence of modern capitalism. Among these developments was the thought of British philosopher, Adam Smith. Smith tried to show the existence of an economic order that would function most efficiently if the ....

Middle of Essay
.... corporate control of manufacturing. This brought about fear of monopolies or trusts that could control an entire industry. For most of the 20th century, opposing forms of economic systems arose as a response to capitalism. These systems included Marxist-based Communism and the Nazi system in Germany, also known as National Socialism. Nevertheless, in the search for an economic solution, capitalist systems demonstrated a remarkable ability to survive. Capitalism is an economic system in which the means of production and distribution are privately owned and operated for profit (Webster's pp.92). Though the term capitalism was not introduced until the mi ....