Capitalism

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What is Capitalism?

An economic and political system in which a country's trade and industry are controlled by private owner or owners for profit, rather than by the state.

Benefits of Capitalism

- Economic freedom helps political freedom. If governments own the means of production and set prices, it invariably leads to a powerful state and creates a large bureaucracy.
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Efficiency

- Companies in a capitalist based society face

motivations be effective and produce goods that are in demand. These motivations create the pressure to cut costs and avoid waste .

Economic growth

- Individuals facing incentives to be encouraged and to work hard , and this creates a climate of innovation and economic expansion . This helps to increase real GDP and lead to improved living standards.
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