A system in which trade and industry is controlled by private ownership, rather than by the state.
Benefits of Capitalism
Economic Freedom can help political freedom. When government owns lead of production, it can lead to a powerful state.
It is very efficient, when they produce goods which are in demand.
There is an economic growth, with firm individuals that work hard for an economic expansion.
Where Capitalism Is Used
Mostly found in banking and educational systems
Known as risk takers and capital makers
Goods, began to cause an exponential growth.
It first was practiced in Western Europe during the Middle Ages. Then it began to develop into its modern form during the Early Modern period in countries of North-Western Europe, especially the Netherlands and England.