In recent years, capitalism's shortcomings have become ever-more apparent. However, the story is not universally positive. It has lifted innumerable people out of poverty over the last two centuries, significantly increased standards of living, and resulted in innovations that have radically improved human well-being, as well as making it possible to go to the Moon and read this article on the internet. It would lead to the accumulation of wealth beyond anything that he and his contemporaries could have imagined.Ĭapitalism has fuelled the industrial, technological and green revolutions, reshaped the natural world and transformed the role of the state in relation to society.
Nearly 250 years ago, the economist and philosopher Adam Smith wrote The Wealth of Nations, in which he described the birth of a new form of human activity: industrial capitalism.
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