Answered: In a special address to the Davos…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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In a special address to the Davos Agenda 2022,
Japan’s Prime Minister Kishida Fumio wished to
revive the Japanese economy through “a new form
of capitalism”. Discuss.

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Step 1

Capitalism refers to an economic and political system in which property, production, and distribution are primarily owned and controlled by private individuals and businesses, rather than by the government or other collective organizations. The main feature of capitalism is the pursuit of profit through the production and sale of goods and services, and the accumulation of wealth by individuals and businesses.

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