Episode of Series “Capitalism, socialism, communism”.
A general introduction to capitalist economies. The video traces the development of the market economy in late 17th Century Britain, where colonial expansion and the beginning of industrialisation saw the rise of the merchant and labouring classes. The video offers an introduction to the “laissez-faire” economic theories of Adam Smith which argue for a completely deregulated market with no government intervention. The experience of the Great Depression, however, is highlighted to indicate the limits to deregulation and to explore the tension in capitalist societies between satisfying the needs of the market and the needs of human beings.
Yves Gerard Issembert
National Geographic Society