What is capitalism, how does it work, and what are some future possibilities/destinies according to different thinkers?
What is capitalism, how does it work, and what are some future possibilities/destinies according to different thinkers?
Capitalism is defined as an economic system in which a country’s trade, industry, and profits are controlled by private companies, instead of by the people whose time and labor powers those companies. Capitalism takes the position that “greed is good,” which its supporters say is a positive thing greed drives profits and profits drive innovation and product development, which means there are more choices available for those who can afford them.
In a capitalist economy, capital assets such as factories, mines, and railroads can be privately owned and controlled, labor is purchased for money wages, capital gains accrue to private owners, and prices allocate capital and labor between competing uses.
Marxist influenced approaches saw capitalism as a pervasive social and economic condition that would come to an end one day, while the defenders of capitalism preferred to see the modern economy in terms of free enterprise or the free market as part of a wider condition of liberty.
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