Capitalism

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Term Paper Title	Capitalism
# of Words	1349
# of Pages (250 words per page double spaced)	5.4

Capitalism

Capitalism

        SENIOR PROJECT RESEARCH PAPER

        BY    JASON GERKEN

        CAREER ENGLISH
        MRS. CONLON
        5/14/95

          Today in the United States, a free market system or capitalism is the
main economic system.  I am interested in this subject because I someday wish to
own my own business.  I believe that in the future this topic will be very
useful to me.  Among the topics that I will discuss are the greeks and romans
early practices of capitalism,  the ideas of Joseph Schumpeter, Rush Limbaugh,
and Karl Marx,  corporations, regulation by the government, and Reaganomics.  I
will also discuss the relationship between inflation and unemployment.  In
addition, I will give my own perspective on the economic theories that I'm
presenting. These are just a few of the things that I will be discussing in this
paper.

HISTORY OF CAPITALISM

          Many of the institutions of capitalism can be traced back to Greek and
Roman times.  Things such as trade, moneylending, and insurance were well known
practices to them.  Unfortunatly, growth of the Roman Empire prevented further
development of a private business class.  As power over economic growth came
back to the people or lords during the Middle Ages, modern capitalism started to
evolve.  (The Software Toolworks Illistrated Encyclopedia)

          In the late Middle Ages, the medieval economy was based on MANORALISM.
This system said that peasants worked on the land that the lord's owned,  but
everthing that was produced by them was kept in return they had to perform
services or pay dues to there lord.  During this time period, there was no
incentive to produce large and productive resources.  The end of the midieval
Manoralism was brought about by a larger demand for goods.  Kings competed
against lords, and lords competed with peasants for the rights to what was
produced.  As a result, there was an emergence of merchants and businessmen who
accumulated large sums of capital.  In addition, there was also a large
emergence of banks and the start of corporations.  (Galbraith Pg. 58)
          The only other economic system that got much attention was a new idea
called Communism.  A person named Karl Marx wrote a book called the Communist
Manifesto which thought of the state as being the main controller of economic
growth,  unlike capitalism where the people in a free market are the main
controllers of economic growth.  In the 19th century when most of the world like
Brita...

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