4w seung gu han

1.Summary

Economies grew larger as societies grew and became more complex.
The first economist in the true meaning of the word was the Scotsman Adam Smith.
So there are many theories related with economy: Capitalism,Socialism.
Capitalsim
In Europe, capitalism started to replace the system of mercantilism and led to economic growth
apitalism as a system developed incrementally from the 16th century on in Europe.
Capitalism has the history: the Islamic Golden Age and Muslim Agricultural Revolution.
And Capitalism has also characteristic: commodities money labour power means of production ,Production
Argument that capitalism also leads to economic growth and generally improved standards of living.
But there are also disadvantages. Critics argue that capitalism is associated with the unfair distribution of wealth.
And it leads to inequality.
Socialism
Socialism refers to various theories of economic organization advocating public or direct worker ownership and administration of the means of production and allocation of resources.
Socialism look for equailty. for example: Soviet union, North korea, China ect.
But it also has disadvantages.
Socialist economic and political models are inefficient or incompatible with civil liberties to condemnation of specific socialist states.

2.opnion

First of all, It could clearly know the pros and cons of capitalism and socialism.
I suprised that capitalism is derived. when the Islamic Golden Age and Muslim Agricultural Revolution
and i know that there are many relation between economy and social ideology.

I wonder what social ideology emerge in the future.

3.question

Why many countries has adopted Capitalism than Socialism in these days?

I want to know the reason.