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  • We have that big history final coming up soon. We should start reviewing. I'll ask first, what is capitalism?
  • One aspect of the European economic revolution was the rise of capitalism. Capitalism is an economic system based on private ownership and the investment of resources. 
  • Good job! Now, what were two different types of capitalism?
  • Two types of capitalism that emerged were joint-stock companies and mercantilism. Join-stock companies were when multiple people combined their wealth for a common goal. Mercantilism emphasized that nation can become richer in two ways. It could obtain as much silver and gold as it can or it could establish a favorable balance of trade, in which it sold more goods than it bought. 
  • Nice job! Let's see, what type of capitalism emerged during the Industrial Revolution?
  • During the Industrial Revolution, a new type of capitalism emerged called laissez faire. It refers to the policy of letting owners of industry and business set working conditions whiteout interference. 
  • Good work! Alright lastly, what are the three natural laws of economics and who made them?
  •  Adam Smith, a professor from the University of Glasgow, defended the idea of a free economy in his book, The Wealth of Nations. According to Smith, economic progress guaranteed economic progress. His arguments rested on what he called the three natural laws of economics: the law of self-interest, the law of competition, and the law of supply and demand. 
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