What is capitalism?
Answers
ᴄᴀᴘɪᴛᴀʟɪsᴍ ɪs ᴀɴ ᴇᴄᴏɴᴏᴍɪᴄ sʏsᴛᴇᴍ ʙᴀsᴇᴅ ᴏɴ ᴛʜᴇ ᴘʀɪᴠᴀᴛᴇ ᴏᴡɴᴇʀsʜɪᴘ ᴏғ ᴛʜᴇ ᴍᴇᴀɴs ᴏғ ᴘʀᴏᴅᴜᴄᴛɪᴏɴ ᴀɴᴅ ᴛʜᴇɪʀ ᴏᴘᴇʀᴀᴛɪᴏɴ ғᴏʀ ᴘʀᴏғɪᴛ. ᴄᴇɴᴛʀᴀʟ ᴄʜᴀʀᴀᴄᴛᴇʀɪsᴛɪᴄs ᴏғ ᴄᴀᴘɪᴛᴀʟɪsᴍ ɪɴᴄʟᴜᴅᴇ ᴄᴀᴘɪᴛᴀʟ ᴀᴄᴄᴜᴍᴜʟᴀᴛɪᴏɴ, ᴄᴏᴍᴘᴇᴛɪᴛɪᴠᴇ ᴍᴀʀᴋᴇᴛs, ᴀ ᴘʀɪᴄᴇ sʏsᴛᴇᴍ, ᴘʀɪᴠᴀᴛᴇ ᴘʀᴏᴘᴇʀᴛʏ ᴀɴᴅ ᴛʜᴇ ʀᴇᴄᴏɢɴɪᴛɪᴏɴ ᴏғ ᴘʀᴏᴘᴇʀᴛʏ ʀɪɢʜᴛs, ᴠᴏʟᴜɴᴛᴀʀʏ ᴇxᴄʜᴀɴɢᴇ ᴀɴᴅ ᴡᴀɢᴇ ʟᴀʙᴏʀ.
Answer:
It is an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, a price system, private property and the recognition of property rights, voluntary exchange and wage labor