Capitalism is an economic system in which individuals or businesses own and control the means of production, distribution and exchange of goods and services. Under capitalism, the pursuit of profit and individual interest are the driving forces of the economy.
In a capitalist system, individuals are free to own property, start businesses, and compete in the marketplace. Prices are determined by supply and demand, and profits are reinvested into the economy to continue growing. The role of government in a capitalist system is to ensure a level playing field for all market participants, enforce contracts, and protect property rights.
Sources:
Heritage Foundation Index of Economic Freedom: https://www.heritage.org/index/ranking
Definition of capitalism by Investopedia: https://www.investopedia.com/terms/c/capitalism.asp
Encyclopedia Britannica article on capitalism: https://www.britannica.com/topic/capitalism
Stanford Encyclopedia of Philosophy entry on capitalism: https://plato.stanford.edu/entries/capitalism/
/"The Capitalist Solution/" by Andrew Bernstein
/"Capitalism and Liberty/" by Milton Friedman
/"The Wealth of Nations/" by Adam Smith
Disadvantages of capitalism:
/"The Case Against Capitalism/" by Jerry Mander and Edward Goldsmith
/"Capitalism: A Ghost Story/" by Arundhati Roy
/"The Communist Manifesto/" by Karl Marx and Friedrich Engels
#Capitalism #politics #economics
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