Capitalism is an economic system wherein the investment and the method of distribution, production and barter of wealth, is made and perpetuated mostly by private individuals or corporations. It is a big contrast to the state-owned or a cooperative-owned means of wealth. Although many capitalists are continually growing nowadays, it’s wise to know those who made marks in the world of capitalism from the past.
Born way back in the 5th of June 1973, this British man was known to be a strong capitalist. Strong in the sense that he never stepped back to give way to those he believed was wrong. He gained a high level of interest in ethics, political philosophy and economics.
Smith also got famous for criticizing the tariffs, monopolies, duties, as well as other state enforced barriers and restrictions. He believed that the market is the most efficient ad fair delegate of resources.
David Ricardo is another well known British stock trader and political economist. Along with Adam Smith, Thomas Malthus and John Stuart Mill, he was also considered as one of the most effective and powerful economist.
Aside from being a financier and businessman, Ricardo was also a member of the parliament and accumulated a considerable personal fortune. The law of comparative advantage was considered as his greatest contribution.
Who would ever forget Karl Marx when talking about capitalism? With his long list of notable ideas such as labor theory of value, surplus value, alienation and exploitation of the worker. No wonder why this man because famous.
Marx defined capitalism as a specific mode of production. Alongside his other beliefs and thoughts about the economy of his era, and of course capitalism, this man was also able to publish a book called Capital.
Maximilian Karl Emil Weber, or commonly known as Max Weber, is a German political economist. He was also a philosopher and a sociologist at the same time. Aside from influencing the social research, discipline of sociology and social theory, Weber was also considered as the key enthusiast of the methodological anti-positivism.
He also accentuated the significance of cultural clout fastened in religion as a method of discerning the beginning of capitalism. This though of Weber is highly against the historical materialism Karl Marx.
This well-known man who died at the age of 94 was not only considered as an economist. Friedman was also an American author and statistician. For more than 30 years, he shared his knowledge by teaching at the University of Chicago.
He also received the Novel Memorial Prize in Economic Sciences and became more famous due to his research on monetary theory and history, consumption analysis and the complexity of stabilization policy. Surveys also revealed that Milton Friedman was the second most famous economist of the 20th century.
Whether that’s an economist from the present or the past, it would be a great knowledge for us to know and acknowledge their contributions in this country. They may be ordinary people for those who don’t know them, but that doesn’t erase the fact that these people helped in bringing out the best in the world of capitalism.