When was word capitalism first used?

The term “capitalism” didn’t appear until about a 100 years later when it was first coined by socialists in the mid 19th century as a pejorative for the current state of the world. This was when the term capitalism was first used to describe a socio-political-economic system. (there are a few uses of the term pre-1850.

“Capitalism” is derived from capital, which evolved from capitale, a late Latin word based on caput, meaning “head”—which is also the origin of “chattel” and “cattle” in the sense of movable property (only much later to refer only to livestock).

Karl Marx

Smith never uses the term “capitalism;” it does not enter into widespread use until the late nineteenth century. Instead, he uses “commercial society,” a phrase that emphasizes his belief that the economic is only one component of the human condition.

Generally no. It’s worth reading summaries though if you seem interested in the history of economic thought. … I’d recommend a modern textbook like Mankiw over that any day if you’re just interested in econ though.

Why do more corrupt countries have lower levels of GDP per capita? The main reason for the influence of institutions on the wealth of nations is that good institutions: raise people’s incentives to build wealth.

Answer: Heritages are considered as the precious wealth of the nation because, the heritage structures like monuments, forts, markets, etc., bear witness to the monumental wealth and well being of the nation. … People come from all over the world to view the heritages of a nation.

Economic growth is caused by two main factors: An increase in aggregate demand (AD) An increase in aggregate supply (productive capacity)…2. Long-term economic growth

• Increased capital. …
• Increase in working population, e.g. through immigration, higher birth rate.

Economic Growth is important because it is the means by which we can improve the quality of our standard of living . It also enables us to cater for any increases in our population without having to lower our standard of living.

Stable government; happy citizenry; strong and developed economy; high standard of living; high social mobility; low poverty rate; access to social insurances – good education, healthcare, pensions, etc.; high social equality; low infant mortality rates; well equipped and capable military; strategic alliances; …

Sustained economic growth of a country‘ has a positive impact on the national income and level of employment, which further results in higher living standards. … It is performed by taking into consideration various economic variables, such as demand, supply, prices, production cost, wages, labor, and capital.