At this time the theory of capitalism was invented. This said that free markets, in which anyone could make, buy and sell freely, would evolve to produce the greatest good for the greatest number of people. Competition between businesses would bring prices down to the lowest possible level while keeping employment at its highest possible level, and governments should not try to control markets. The theory said that monopolies kept prices too high and should not be allowed. Competition always led to the best conditions, according to capitalist ideas. The industrial countries adopted this system and it led to the end of mercantilism.
eBook only $2.99
398 pages, 300 images
"I find the science fabulous...an extremely useful teaching tool."
Professor David Christian
Become a Citizen of the Universe
and get your free badge!