The word capitalism is heard so frequently in our lives everyday but do we really comprehend what it is? Is it beneficial to our businesses and our economy? Is it the right choice? Capitalism is the basic foundation of our economy. It deals with all aspects of our lives. It is an economic system where the production and distribution are privately or corporately owned and development is proportionate to the accumulation and reinvestment of profits gained in a free market where there is little or no government intervention, the idea of laissez-faire.
             Capitalism became institutionalized in Europe between the 16th and 19th centuries, the rights of individuals to own and trade private property including capital goods such as land and labor, the right of groups of individuals acting as corporations, a free or relatively free market where is price determined by supply and demand, where profit is pursued, the state is relied upon to protect private property rights and obligations are adjudicated by the state. The rest developed in the 19th century, in the context of the industrial revolution, and 20th century. To be able to justify the private ownership of capital, to explain the operation of these markets, and to guide the application or elimination of government regulation of property and markets.
             The idea of what makes up capitalism has changed significantly over time, as well as varying political perspective and the analytical approach taken. ¡§Adam Smith focused on the role of enlightened self-interest and the role of specialisation in making capital growth efficient¡ (Dryzek 59). Some proponents of capitalism emphasize the role of free markets, which promote cooperation between individuals, and economic growth, as well as liberty.
             For many, capitalism hinges on the elaboration of an economic system in which goods and services are traded in markets, and capital goods belong to non-state entities. For others like Karl Marx ...