Capitalism
Definition
an economic system in which factories, equipment, and other means of production are privately owned rather than controlled by government
Positives of Capitalism
- economic growth
- equality
- free competition
- globalization
- improving society
- democracy
Negatives of Capitalism
- unfair pay/exploitation
- greed
- monopoly power
- inequality creates social division
Examples
- business owners can set prices
- nobody is under the governments control
- people can get paid more than other people for having a higher position