In 1776, Adam Smith wrote An Inquiry into the Nature and Causes of the Wealth of Nations. Economists have been busily exam- ining the issue ever since. It is one of the most widely studied topics in the field of economics. One of the most common findings relates to how economic activity is organized. For example, capitalist coun- tries (those in which economic activity occurs on the basis of volun- tary exchange within private markets) tend to grow faster than socialist countries (those in which economic activity is organized by government). The existence of private property rights in capitalist countries helps create stronger incentives for individuals to be.
