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The Wealth Of Nations By Adam Smith: T He Beginning Of Capitalism

2680 words - 11 pages

The first and most basic economic principal that needs to be understood is that God owns everything (Sproul, 2014). God created everything and He chose man to manage all that is His (Sproul, 2014). There has always been a strong connection between economics and Christian thought (Anderson, 2001). Scriptures will help evaluate the very foundation of each economic theory (Anderson, 2001). The free enterprise system has provided the greatest amount of freedom and the most effective economic gains of any economic system ever devised (Anderson, 2001).
In 1776, Adam Smith created a publication called “The Wealth of Nations,” which was the beginning of Capitalism (Anderson, 2001). His theory stated that the wealth of nations could be increased by allowing the individual to seek their own self-interest and removal of governmental control over the economy (Anderson, 2001). There are three major points for the theory of capitalism. The first system was based upon the observance that people are motivated by self-interest (Anderson, 2001). The second premise was the acceptance of private property, which would be owned and freely traded in a market system (Anderson, 2001). Gains for exchanges of property creates incentive and become the driving power behind capitalism (Anderson, 2001). Lastly, the theory stated that it would be ideal to minimize the role of the government. The idea was to decrease the role of the government and increase free market (Anderson, 2001). Capitalism has a number of advantages that have liberated economic potential and provided a foundation for a great deal of political and economic freedom (Anderson, 2001). However, the down side of capitalism is that it can lead to monopolies (Anderson, 2001). Christians cannot and should not embrace every part of capitalism (Anderson, 2001). One example is that some of the foundations of capitalism are known to hold to a view of utilitarianism, which is opposed to the notion of biblical absolutes (Anderson, 2001).
The researcher seeks to develop goals for innovation and entrepreneurship for the state of Jefferson. In order to create a stable economy that will promote growth (BIA, 2013). Deciding what factors would help generate a stable economy. In addition to discovering what focus is necessary for different subjects. The study will begin by analyzing business growth, retention, and attraction to infrastructure for the benefit of the state.
New Hampshire, for example has a plan that is based on nine strategic goals (BIA, 2013). The first goal is to develop an environment that will be best for innovation and entrepreneurship that will constantly grow, create, and attract successful businesses with the people who have the desire to create and lead (BIA, 2013). The next focus is on education, workforce skills, and building a labor pool (BIA, 2013). The outcome should be the development of lifelong educational systems that will provide educational and training...

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