This paper provides an insight into
capitalism, which, in its simplest form, has been around since the beginning of humanity,
but modern economic thought has only emerged and developed since the seventeenth and eighteenth centuries. It discusses the beginning of
capitalism - from the putting out system to Adam Smith to present day economists and principles and it explores the phases from complete absolutism to complete capitalism to the mixed economy in most countries today. It looks at how it has shaped the world and America into what it is today, triumphed over communism and how capitalism, also called a market or free
enterprise economy, has changed and evolved with history to become the best economic system in the world.