The Importance Of Capitalism In The Cold War
Economics is the study of how a society produces
and distributes resources. You probably know that
our economic system is called capitalism and that
a competing economic system, communism, lost
out to capitalism in a decades-long military,
political and ideological (ideas-based) conflict
known as the Cold War. This reading will explain
the basic economic and ideological foundations
of capitalism. You will use this information in
class as you analyze media messages that support
and criticize capitalism.
Capitalism is an economic system based on the
private ownership of goods and services.
Capitalist economies, also called “free market”
economies, empower individuals and private
businesses to decide most economic matters. This
includes what things to make and sell, how much
they cost, how to use resources and where to live
and work. This system of “private enterprise” has
been credited with unleashing human freedom
and creating extraordinary wealth through
individual initiative. Capitalism has also been
credited with exploiting and oppressing
humanity, spreading inequality, starting wars, and
propelling the wholesale destruction of the global
environment. In order for you to weigh in on this
debate you need to understand some basics about
The Scottish economist, Adam Smith, developed
an influential theory of capitalism. He published
his most famous book, The Wealth of Nations, in
1776, at the time of the American Revolution.
Smith
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