Determine whether each statement best describes capitalism or mercantilism. it is an economic system that relies on a free market. the government is in control of the nation’s economy. it requires a nation to export goods worth more than the goods it imports. the government doesn’t get involved with the economy.

It is an economic system that relies on a free market. = CAPITALISM
The government is in control of the nation’s economy. = MERCANTILISM
It requires a nation to export goods worth more than the goods it imports. = MERCANTILISM
The government doesn’t get involved with the economy. = CAPITALISM

"Mercantilism" was a term coined by philosopher Adam Smith to describe the problem-plagued way business was being done at his time.  Smith is famous for his writing on economic theory in An Inquiry into the Nature and Causes of the Wealth of Nations (1776), and is thought of as a founding father of capitalist thought.  Lest you think of Adam Smith only as a capitalist thinker interested in economic growth, however, remember that he also published a significant book on ethics in 1759, titled, A Theory of Moral Sentiments.

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