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