The Rise of Capitalism and its Opposition Developments in the 18th century paved the way for the emergence of modern capitalism. Among these developments was the thought of British philosopher, Adam Smith. Smith tried to show the existence of an economic order that would function most efficiently if the state played a limited role. He saw in the division of labor and the extension of markets almost limitless possibilities for society to expand its wealth through manufacture and trade. The ideas of Smith provided an ideological and intellectual background for the Industrial Revolut