What were the historical Origins and characteristics of the free enterprise system

The first ideological references of free enterprise were in China during the 4th or 5th century BCE. However, the rise of free enterprise in the West, and also the first inclusions of this concept in legal codes happened in England between the 16th and 18th centuries. These ideas were largely due to the writings of Adam Smith and David Ricardo. This massive implementation of free market ideology contributed to the industrial revolution and the birth of modern capitalism. In the United States, this system was adopted between the 18th and 19th century.

Free enterprise (often used as a synonym of "free market") refers to voluntary economic and business activities. Free enterprise could also refer to an ideological system where commercial activities are regulated mainly through private measures rather than government control.