alleryStart learning →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_
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