0
How did capitalism develop and secure its place in America's economic and legal systems?
Wiki User
∙ 10y ago
Capitalism is the only economic system that is consistent with Natural Law.
Under the principles of Natural Law on which the US was founded, the "creator" whatever you believe that to be, endowed humans with 3 rights. Those are life, liberty, and private property. Life, is self explanatory. Liberty is the freedom to apply your life to the world around you for your own benefit or in the service of others. Private property is the compensation deemed adequate by the individual exchanging their life and liberty through labor.
Free people created governments for the sole purpose of protecting these rights. Government simply exists to make sure no one violates the rights of others. Government cannot violate the property rights of one individual without violating their life and liberty because the property they accumulate was exchanged for a part of their life and liberty. Taking from one to give to another or nationalizing wealth violates the very principles on which the US was founded.
Capitalism is the free exchange of goods and services between individuals or groups of individuals in a free society absent government intervention of any kind beyond what is absolutely necessary to enforce agreements between those governed.
Wiki User
∙ 10y ago
Capitalism developed in America through factors such as free market principles, entrepreneurship, and private property rights. Its place was secured through laws promoting business competition, protecting property rights, and enabling innovation through patents and copyrights. Over time, capitalism became deeply embedded in the U.S. economic and legal systems through a combination of legislation, court decisions, and cultural acceptance of market-based dynamics.
Add your answer:
Earn +20 pts
What did sharecropping and tenant farming have in common during the reconstruction?
Sharecropping and tenant farming both emerged as labor systems in the South after the Civil War and Reconstruction. Both systems involved individuals working on land owned by others in exchange for a share of the crops produced. The laborers in these systems typically faced economic struggles and limited autonomy.
What factors might influence the different legal systems used in various countries?
Factors influencing legal systems in different countries include historical development, cultural values, political ideologies, and economic structure. Colonial legacy, religious beliefs, and social norms also play a role in shaping the legal framework of a country. Globalization and international treaties can further influence legal systems by promoting harmonization and standardization.
Was slavery necessary?
No, slavery was not necessary. It was a system rooted in exploitation, abuse, and dehumanization. There were other labor systems and economic models that could have been adopted to meet the needs of societies without resorting to the brutal practice of slavery.
How was sharecropping and slavery the same?
Both sharecropping and slavery involved labor exploitation and lack of economic freedom for marginalized groups. In both systems, individuals were bound to work for landowners and had limited control over their own lives and economic opportunities. Additionally, both sharecroppers and enslaved individuals often faced harsh working conditions and were subject to abuse and mistreatment by those in power.
What are the functions of jurisprudence?
Jurisprudence serves to interpret and analyze the principles of law, develop legal theories, and provide guidance for understanding legal concepts and decisions. It helps to establish the foundation for legal systems, shape judicial reasoning, and contribute to the evolution of law and legal thought.
Why cultures develop economic systems?
why dp cultures develop economic systems
Why is capitalism called an efficient economic system?
Cause of its comparison to the other economic systems.
What are two major econmic systems?
Capitalism, socialism, and communism are major economic systems.
What are three main economic systems of the world?
Communism, capitalism, and socialism.capitalism
What two economic systems have African leaders advocate?
Capitalism and Socialism
What are two general types of economic systems that exist today?
Capitalism and capitalism: wages system, production for use, minority ownership of the means of production.
What two economic systems clashed during the cold war?
communism and capitalism
Three types of economic systems?
There are many types of economic systems, but three of the most common are listed here.capitalist economic systemsocialist economic systemmixed economic system
Why are capitalism communism and socialism often misunderstood?
They represent ideas about both political and economic systems.
Three main economic systems of the world today?
Just different versions of capitalism, with varying degrees of state interference.
In which type of economic system does the government make no economic decisions?
There are several such systems, but the most popular is the laissez-faire system.
What type of economic systems does papua new guinea?
Papua New Guinea has a capitalism based economy.
