The one who coined the term capitalism for the production model under the Industrial Revolution was: a) Adam Smith; b) David Ricardo; c) Karl Marx; d) John Nash; e) none<\/p>\n\n\n\n
The correct answer and explanation is:<\/strong><\/mark><\/p>\n\n\n\n Correct answer: c) Karl Marx<\/strong><\/p>\n\n\n\n The term \u201ccapitalism\u201d<\/strong> as a way to describe the economic system that emerged from the Industrial Revolution<\/strong> was coined and popularized by Karl Marx<\/strong> (1818\u20131883), the German philosopher, economist, and political theorist. While the system itself predates Marx, he was among the first to theorize it systematically<\/strong> and give it a specific critical label<\/strong>.<\/p>\n\n\n\n Adam Smith<\/strong>, often called the father of modern economics, laid the foundational ideas of classical economics<\/strong> in his seminal 1776 work, The Wealth of Nations<\/em>. However, Smith never used the term \u201ccapitalism.\u201d Instead, he focused on concepts like the invisible hand<\/strong>, division of labor<\/strong>, and free markets<\/strong>, praising the productivity and efficiency that arise from competition and self-interest in a market economy.<\/p>\n\n\n\n David Ricardo<\/strong>, another classical economist, contributed theories on comparative advantage and income distribution but also did not coin \u201ccapitalism.\u201d<\/strong><\/p>\n\n\n\n Karl Marx<\/strong>, in contrast, developed a comprehensive critique<\/strong> of the economic system he called \u201ccapitalism\u201d<\/strong> in works like Das Kapital<\/em> and The Communist Manifesto<\/em> (with Friedrich Engels). He used the term to describe a system where the means of production are owned by capitalists<\/strong>, and the working class (proletariat)<\/strong> must sell their labor to survive. Marx viewed capitalism as inherently exploitative, predicting that it would eventually be replaced by socialism and then communism.<\/p>\n\n\n\n John Nash<\/strong>, a 20th-century mathematician known for his work in game theory, had no role in naming or defining capitalism.<\/p>\n\n\n\n Thus, while Smith and Ricardo helped build the intellectual foundations<\/strong> of capitalist economies, it was Karl Marx<\/strong> who gave \u201ccapitalism\u201d<\/strong> its name and framed it as a historically specific mode of production<\/strong>, deeply connected to class struggle and industrial development.<\/p>\n","protected":false},"excerpt":{"rendered":" The one who coined the term capitalism for the production model under the Industrial Revolution was: a) Adam Smith; b) David Ricardo; c) Karl Marx; d) John Nash; e) none The correct answer and explanation is: Correct answer: c) Karl Marx Explanation (300 words): The term \u201ccapitalism\u201d as a way to describe the economic system […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-27495","post","type-post","status-publish","format-standard","hentry","category-quiz-questions"],"_links":{"self":[{"href":"https:\/\/gaviki.com\/blog\/wp-json\/wp\/v2\/posts\/27495","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gaviki.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gaviki.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gaviki.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gaviki.com\/blog\/wp-json\/wp\/v2\/comments?post=27495"}],"version-history":[{"count":1,"href":"https:\/\/gaviki.com\/blog\/wp-json\/wp\/v2\/posts\/27495\/revisions"}],"predecessor-version":[{"id":27496,"href":"https:\/\/gaviki.com\/blog\/wp-json\/wp\/v2\/posts\/27495\/revisions\/27496"}],"wp:attachment":[{"href":"https:\/\/gaviki.com\/blog\/wp-json\/wp\/v2\/media?parent=27495"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gaviki.com\/blog\/wp-json\/wp\/v2\/categories?post=27495"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gaviki.com\/blog\/wp-json\/wp\/v2\/tags?post=27495"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Explanation (300 words):<\/h3>\n\n\n\n