Question

What is capitalism?​

Answer 1

Answer:

the economic system in which businesses are owned and run for profit by individuals and not by the state

Answer 2

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Capitalism:-

• Industrialization led to the decline of feudalism in Europe.

• A new system arose in its place.

• It was a system in which the means of production where privately owned and operated for profit.

• It was called capitalism capitalism.

• Capitalism gave birth to two new social classes.

• One was that of the factory owners employed workers and paid them wages.

• The main aim of the factory owners was to make profits.

• They controlled 'the capital' or money and hence were called the capitalists.

• They were very prosperous and lead a life of luxury.

• The Other class was the workers who worked in factories and received wages for their labour.

• They were an exploited lot and lived in great hardship.

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