Alexandria Ocasio-Cortez (from this point described as AOC) has determined capitalism in the United States as “irredeemable.” AOC has a degree (cum laude) in economics and international relations from Boston University. So a member of the U.S. Congress with an economics degree describes capitalism as: “Capitalism is an ideology of capital-the most important thing is the concentration of capital and maximize profit.” While the aforementioned quote is a great summary of Adam Smith’s Wealth of Nations, there are other considerations regarding capitalism.
Capitalism was outlined by Adam Smith in The Wealth of Nations in1776, with the newly-minted United States as an “early adopter” (gosh, I’m sure I heard that somewhere else.) Mercantilism, which preceded capitalism, was the fruitless feudal attempt of the nobility to retain the wealth created by the peasants and serfs. The United States gave up the feudal system and set out on a capitalist journey after fighting off the greatest power on earth. In case you are wondering, Article 1, Section 10 of the U.S. Constitution prohibits the states from granting titles of nobility, that is, prince, duke, or any other title to a citizen. In short, the founding fathers had enough of kings and royalty. (I’m sure they would have exempted Elvis, but that’s another essay.)
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