RSM100Y1 Study Guide - Midterm Guide: Money Supply, Ingroups And Outgroups, Class Discrimination
Document Summary
1770"s was where you can get rich in commerce by farming. Trade with farms and small rural areas. Wealth of nations described and explained how the world in certain areas became wealthier. Predicts that removing production and consumption controls will create wealth. Capitalism: a legal system that safeguards private property and permits free trade in a competitive markets; production and consumption are not controlled. Must have government regulations to allow capitalism to work/exist. Allows you to have the right to own property (protected by law) Individual having title over land/property (not the king), no one can take it from you without laws. Do what you like with your property with protection. Production and consumption is not controlled by the government. Money is considered, first as a measure of value and then as the medium of permutation or exchange. Money is now also considered as a store of value.
