Explain the basic principles of capitalism, as outlined by Adam Smith in the late 18th century

    Free Market = usually a good way to run an economy.

   Government can help a Free Market.

   A Country's Standard of Living is determined by Productivity.

   Prices of Good go up when government prints money.

   There is a temporary tradeoff between unemployment and inflation.

Explanation:Smith never uses the term “capitalism;” it does not enter into widespread use until the late nineteenth century. Instead, he uses “commercial society,” a phrase that emphasizes his belief that the economic is only one component of the human condition.

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the committees of correspondence were the american colonies’ means for maintaining communication lines in the years before the revolutionary war. in 1764, boston formed the earliest committee of correspondence to encourage opposition to britain’s stiffening of customs enforcement and prohibition of american paper money. the following year, new york formed a similar committee to keep the other colonies notified of its actions in resisting the stamp act. in 1773, the virginia house of burgesses proposed that each colonial legislature appoint a committee for intercolonial correspondence. the exchanges that followed built solidarity during the turbulent times and bring about the formation of the first continental congress in 1774.

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