Capitalism replaces Mercantilism
1. Capitalism - an economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations, esp. as contrasted to cooperatively or state-owned means of wealth.
Mercantilism - The theory and system of political economy prevailing in Europe after the decline of feudalism, based on national policies of accumulating bullion, establishing colonies and a merchant marine, and developing industry and mining to attain a favorable balance of trade.
2. Wealth of Nations was published on March 9, 1776
3. The first comprehensive defense of free market policies
4. The invisible hand is a metaphor that illustrates how those who seek wealth by following their individual self-interest, inadvertently stimulate the economy and assist society as a whole.
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