Questions what is the main features of the socialist economy?

The founders of Capitalism.

Key words: Scholars, thoughts, contributions.
The ideology of classical capitalism was expressed in An Inquiry into the Nature and Causes of the Wealth of Nations (1776), by the Scottish economist and philosopher Adam Smith, which recommended leaving economic decisions to the free play of self-regulating market forces. After the French Revolution and the Napoleonic Wars had swept the remnants of feudalism into oblivion, Smith’s policies were increasingly put into practice. The policies of 19th-century political liberalism included free trade, sound money (the gold standard), balanced budgets, and minimum levels of poor relief. The growth of industrial capitalism and the development of the factory system in the 19th century also created a vast new class of industrial workers whose generally miserable conditions inspired the revolutionary philosophy of Karl Marx (see also Marxism). Marx’s prediction of the inevitable overthrow of capitalism in a proletarian-led class war proved shortsighted, however.

104. 
     Founders of Neoliberalism School!
     

Key words: Scholars, thoughts, contributions.
Neoliberalism’s gained traction over the last 25 years. The term neoliberalism means a new kind of liberalism. The idea of a liberal economy became prominent in 1776 when a Scottish economist named Adam Smith wrote a book called “The Wealth of Nations.”
In his book, Smith propagated the idea of getting rid of government intervention and claimed that the best way for an economy to flourish is through free trade and deregulation.
Several years later, in the 1930s, another economist named John Keynes challenged the policy of liberalism and inferred that such a policy was suitable for capitalists. Government intervention was deemed crucial for the welfare of the public, and it led to several leaders transitioning and working towards the common good.
However, the concept of neoliberalism is now being practiced on a global level, following the decline in corporate profitability.

105.