Capitalism is an economic system that is based on private ownership of the means of production and distribution of goods and services. In a capitalist system, individuals and businesses are free to produce and sell goods and services for a profit. The market, through supply and demand, determines the price of goods and services. The government’s role in a capitalist system is generally limited to providing a legal framework for contracts and property rights, enforcing laws and regulations, and protecting citizens from fraud and other criminal activities.
In a capitalist system, entrepreneurs are encouraged to invest in new businesses and technologies, creating new jobs and driving economic growth. However, capitalism is not without its critics, who argue that it can lead to economic inequality, exploitation of workers, and environmental degradation. Despite these criticisms, capitalism has become the dominant economic system in the world, with many countries adopting free-market policies and encouraging entrepreneurship and innovation.
What is a simple definition of capitalism?
What are examples of capitalism?
What does capitalism mean today?