Capitalism

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Capitalism is an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than 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 which may extend into other areas of life.

Benefits of Capitalism continued:

Firms in a capitalist based society face incentives to be efficient and produce goods which are in demand. These incentives create the pressures to cut costs and avoid waste. State owned firms often tend to be more inefficient

Benefits of Capitalism continued(2):

Economic growth. With firms and individuals facing incentives to be innovative and work hard this creates a climate of innovation and economic expansion. This helps to increase real GDP and lead to improved living standards. This increased wealth, enables a higher standard of living; in theory, everyone can benefit from this increased wealth, and there is a ‘trickle down effect’ from rich to poor.

whats so great about capitalism?

Capitalism is great because you get to pick what you want to produce for your business and the government doesn't control what you do and you get more economic freedom.