Capitalism

Definition: Capitalism is an economic system characterized by private ownership of the means of production and the pursuit of profit through competitive markets.

Key Principles: Private individuals or corporations own and control businesses and industries, and economic decisions are made based on supply and demand in free markets.

Features: Market competition, profit motive, private property rights, and limited government intervention in the economy.

Goals: The primary goal of capitalism is economic efficiency, wealth creation, and individual prosperity. It emphasizes individual freedom and encourages innovation and entrepreneurship.

Socialism vs Communism vs Capitalism: Socialism, communism, and capitalism are three distinct economic and political ideologies that have shaped the course of modern history and continue to influence societies around the world. While each system has its principles and goals, they all address fundamental questions about the organization of society, the distribution of resources, and the role of the government in regulating economic activity.

Let us learn more about the differences between socialism, communism, and capitalism!