Capitalism
Capitalism is an economic system in which trade, industry, and the means of production are controlled by private owners with the goal of making profits and are free of government control. Characteristics of a capitalist economy include:
- Capital accumulation
- Competitive markets and wage labor
- The parties to transaction determine the price at which assets, goods and services are exchanged.
There are different types of capitalism and they range from Laissez-Faire Free Markets to the Socialist Republics of states like California and New York.
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