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