Philosophy of Business/ Capitalism and Individulism - Essay Example

Violent nationalist and ultra socialist fear that public welfare, be it social security with defense strategy and other means of services is the sole responsibility of the state alone. They support unproductive principle of socialism that promotes freedom, justice and equality. They disprove free trade, multicultural integration for fear of abolishing ethnical values. As a matter of fact, these beliefs are merely hindrance of technological as well as economical transcendence. The collapse of the Soviet Union and its satellite states in Eastern Europe (1989—91) leaving those countries with a heavy burden stands as evident to proof this truth.

Economic system based on private ownership of the means of production, in which personal profit can be acquired through investment of capital and employment of labor. Capitalism is grounded in the concept of free enterprise, which argues that government intervention in the economy should be restricted and that a free market, based on supply and demand, will ultimately maximize consumer welfare. These principles were most notably articulated in Adam Smiths treatise, The Wealth of Nations (1776), in which he opposed the prevailing theory of mercantilism.

Founding Fathers of the United States who were the political leaders who signed the Declaration of Independence or the United States Constitution, or otherwise participated in the American Revolution as leaders of the Patriots could have safeguard the individual property of its citizens. The delegates followed wide range of occupations including legal practices when individual freedom and social justice were the agendas of the time. Most of them was open minded in the genre of free thinkers line for they had already in the stream of protestants from the historic breakthrough of catholic dominance where individual growth focused the need of the social growth unlike the protestant belief to live for the sake of divine purpose. America