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