ISS 225 Lecture : IV.pdf
26 Feb 2014
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Document Summary
The roots of modern american capitalism sprouted in great britain. The british belief that contacts and property rights were sacred found the new world environment quite receptive. One of the most important of all american beliefs brought from. England was the protestant ethic, a set of ideas and calues which have affected. Western civilization since the early days of capitalism. o o o. This ethic stressed such values as individual responsibility, thrift and savings. Spending all that one had earned was regarded by church leaders and their congregations as immoral. Success was considered an indication of moral worth and virtue, just as failure was interpreted as a sign of poor character. The dominant early american political and economic ideologies were compatible. Thomas jefferson declaration of independence and adam smith"s the wealth of nations, both published in 1776, stressed the paramount importance of the individual and the need for minimal government. o.
