Home › Tamil Nadu HSC (Class 12) › Economics › Introduction to Macro Economics › Who is referred to as the Father of Capitalism?
Who is referred to as the Father of Capitalism?
AKarl Marx
BRagnar Frisch
CAdam Smith
DJ. M. Keynes
Answer & Solution
Correct answer: C. Adam Smith
1. A capitalist economy is also termed a free economy, or laissez faire, where the role of government is minimum and the market determines economic activities.
2. The textbook names Adam Smith as the Father of Capitalism.
3. Karl Marx is named as the Father of Socialism, so he is the paired distractor here.
4. Manfred Steger is credited with coining the term globalism in 2002, not with capitalism itself.
_Source: TN HSC Class 12 Economics (Samacheer Kalvi, Govt of Tamil Nadu), Ch 1 "Introduction to Macro Economics", §1.7.1_
Related questions
In the circular flow diagram, what do the outer and inner circles respectively represent?Globalism, the ideology connecting nations through international trade, is also termed:A socialist economy is also known by which other names?The limitation of macro economics captured by the phrase 'what is good for an individual nIn a capitalist economy, which mechanism does the textbook describe as the heart of the syThe three-sector circular flow model represents which kind of economy?Which circular flow model represents an open economy, and what is its income identity?The two sectors in a two-sector circular flow model are: