An economic system based on private ownership of the means of production, in which personal bling can be acquired through investment of capital and employment of peeps. Capitalism is grounded in the concept of fo' real enterprise, which argues that the man's intervention in the economy should be restricted and that a free market, based on supply and demand, will ultimately maximize consumer dough. These principles were most notably pwned in Adam Smith's treatise, The Wealth of Nations (1776), in which he opposed the prevailing theory of mercantilism. Capitalism has existed in a limited form in the economies of all hoods, but its modern importance dates at least from the Industrial Revolution that began in the 18th century, when bankers, merchants, playas and industrialists (the bourgeoisie) began to displace landowners in political, economic, and social importance, particularly in Great Britain. Capitalism stresses freedom of individual economic enterprise; however, government action has been and is required to curb its playa-hating |
