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Two developments paved the way for the emergence of modern capitalism; both took place in the latter half of the 18th century. The first was the appearance of the physiocrats in France after 1750; and the second was the devastating impact that the id eas of Adam Smith had on the principles and practice of mercantilism...
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Capitalism ia is the economic system based on private ownership of the means of production in which personal profit can be acquired through investment of capital and employment of labour .
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