Capitalism giving way to socialism
In 1776, freedom and capitalism arrived in America. Freedom was described as the right to life, liberty and the pursuit of happiness, plus the amendments in the Bill of Rights. Capitalism is a social system based on the recognition of individual rights, including property rights, in which all property is privately owned.
With capitalism and freedom, the free market appeared. Entrepreneurs began to produce goods and services that people would buy. If the entrepreneur understood the market correctly, he soon prospered and provided jobs for people with the skills the business needed.
This was an economic atmosphere totally unknown in European countries. In Europe, the serfs didn't need to be self-reliant. They just obeyed their masters. In America, to survive and prosper, people had to be self-reliant, to think for themselves.
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