WORLD HISTORY

Detailed explanation-1: -Modern capitalist theory is traditionally traced to the 18th-century treatise An Inquiry into the Nature and Causes of the Wealth of Nations by Scottish political economist Adam Smith, and the origins of capitalism as an economic system can be placed in the 16th century.

Detailed explanation-2: -The British philosopher and economist John Stuart Mill was responsible for bringing this philosophy into popular economic usage in his Principles of Political Economy (1848), in which he set forth the arguments for and against government activity in economic affairs.

Detailed explanation-3: -As the American Revolution began, a Scottish philosopher started his own economic revolution. In 1776, Adam Smith published The Wealth of Nations, probably the most influential book on market economics ever written.

Detailed explanation-4: -Adam Smith introduced the concept in his 1759 book The Theory of Moral Sentiments and later in his 1776 book An Inquiry Into the Nature and Causes of the Wealth of Nations.

Detailed explanation-5: -Adam Smith – attributed to being the Father of Economics or the Father of Capitalism, was a Scottish philosopher, economist, and author of the groundbreaking treatise, The Wealth of Nations.