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World Civ Vocab 1589-1929

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Adam Smith: Wealth of Nations author, put forth foundation of capitalism - laissez faire, move away from mercantilism. Considered the founding father of economics, Adam Smith wrote The Wealth of Nations, published in 1776. His most famous concept was that markets guide economic activity and act like an "invisible hand" - allocating resources through prices, which rise when there is a shortage of a commodity and fall when it is plentiful. Age-grade systems: a social category based on age, within a series of such categories, through which individuals pass over the course of their lives. This is in contrast to an age set, to which individuals remain permanently attached as the set itself becomes progressively more senior.

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