Free Trade during the Rise of Capitalism - Essay Example

Only on StudentShare

Extract of sample
Free Trade during the Rise of Capitalism

Witte introduced industrialized capitalism in Russia believing that it establishes competition and free trade which then results in development bringing prosperity to the individuals. The capitalists, Smith and Witte being on top of the list, strongly believed that competition and free-trade provides not only the earning opportunities to both the businessmen and the laborers but also the quality driven affordable products to the consumers. In their point of view a happier and successful individual will give rise to a happier and successful nation and country.
The father of the free-market capitalism, Adam Smith further mentioned in his book, "The Wealth of Nation", that "It is not by gold or silver, but by labor, that all the wealth of the world was originally purchased" (Smith, 1776).
The basic message expressed by Smith in "The Wealth of Nation" can be simplified as life is all about give and take. Somebody's necessities or luxuries fulfill other man's necessities or luxuries. This means that not only the laborer fulfills his demands by working for the business owner but also the business owner fulfills his demands by providing work to the laborer. This is how people are dependent on each other. Such collaborative efforts of the people of a nation bring harmony and success to them.
The other very common concept explaine ...Show more

Summary

The industrial revolution of Europe gave rise to capitalism and brought development, wealth, success and power to the nation. It was therefore, later adopted by America, Russia and Japan. Capitalism was discussed and thereby, debated by many learned intellectuals giving their varying interpretations on its impacts…
Author : kanebuckridge
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Free Trade during the Rise of Capitalism"
with a personal 20% discount.
Grab the best paper

Related Essays

How does the concept of the "imperialism of free trade" explain the rise and fall of the British Empire
British Empire followed the same rule. The concept of Free Trade was given by the famous economist, Adam Smith. According to him, it is a path to success for a nation. It is true even in today's world. In 1820's the British Parliament passed the Statement of Principle that carries Adam Smith's idea of Free Trade.
9 pages (2250 words) Essay
Free Trade
Many people consider free-trade leads to efficiency and their claim can be assessed by seeing the affect of tariff or import tax on imports. Here it must be kept in mind that imposing tariff on international trade is complete opposite of free trade and hence we are going to look what difference does the imposition of tariff poses on the supply and demand.
9 pages (2250 words) Essay
Trade/Free-Trade Agreements
Quite a substantial portion of especially third world countries' gross domestic product is due to the quantity their international trade affiliations. Throughout time since the origination of bartering from neighbor to neighbor or country to country, there has been a substantial increase over the past few centuries in social, economic and political importance of such trading countries.
3 pages (750 words) Essay
Weber's and Marx Capitalism.
Weber's work 'The Protestant Work Ethic and the Spirit of Capitalism' has had enormous impact on both sociologists and economists since its publication. The thesis of this highly contentious work is in essence that the Protestant (particularly Calvinist) model influenced large numbers of people seek employment in the secular world, developing enterprises and engaging in both economic trade and wealth accumulation.
6 pages (1500 words) Essay
The culture of capitalism
The cultural impacts of capitalism overshadow all other considerations of the system. The capitalism’s impact on society has shaped the western civilization for the past 200 years to the extent that every
8 pages (2000 words) Essay
How free trade causes development
At the same time, it also has its own set of drawbacks. One should also make discernment in what exactly ‘free trade’ means. This is because, often, politicians use the term for its rhetoric
9 pages (2250 words) Research Paper
Find out how much would it cost
to get a custom paper written by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT