write short note on colonization and capitalism.
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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.
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Short Notes
- Colonization (or colonization) is a process by which a central system of power dominates the surrounding land and its components. / the act of one nation controlling another for economic gain.
- Capitalism is an economic system in which private individuals or businesses own capital goods.
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