The term 'Father of Capitalism' is often attributed to Scottish economist Adam Smith due to his influential work on capitalism and free markets outlined in his book, The Wealth of Nations.
Related terms
Free Market: A free market refers to an economic system where prices are determined by supply and demand without significant government interference or control.
Division of Labor: Division of labor involves breaking down complex tasks into simpler components assigned to different workers, increasing efficiency and productivity. It was emphasized by Adam Smith as a key factor in economic growth.
Profit Motive: The profit motive is the driving force behind capitalist economies, where individuals and businesses seek to maximize profits as their primary incentive for engaging in economic activities.