Who is credited as the father of Capitalism?

Question

Most anyone can answer who is the Father of Communism - a failed economic system. But who is the one whose ideas based our own flawed, yet flexible economic system? I am not just looking for a name here, but a rationale.

Answer 1

Adam Smith is the obvious and correct answer, but I'll throw something out of left field: Theodore Roosevelt.

Roosevelt was the first President to make trust-busting a priority. While the Sherman Act was passed several years earlier, it wasn't really enforced until Roosevelt came along. Capitalism was already highly developed, of course, but he realized that anti-competitive strategies by big business had to come to an end. Otherwise, business would eat itself. Roosevelt established that the federal government could and would break up monopolies whenever and wherever the commerce clause applied.

So, in a way, he's the father of the role of government in modern capitalism. You already have two good answers, but I thought I'd throw something else out there.

Answer 2

I don't know if you could say there was any "father of capitalism". Trading goods for other goods and services has probably been around since the dawn of mankind.

That being said, Adam Smith might be the closest person to fit the bill. While he didn't invent a new economic system, he provided one of the most well known explanations of the capitalist system in his book, The Wealth of Nations.

Answer 3

I agree with the previous answers. Adam Smith is the obvious name that comes to mind. The role of self interest as we pursue what is best for us as individuals also "like an invisible hand" guides us toward an efficient end which is for the better of all society.

Answer 4

wouldn't you say Adam Smith, "Wealth of Nations"? had idea for laissez-faire & free economy...