In turn, this led to the creation of jobs, higher wages, and improved living standards at large. It enabled the emergence of entrepreneurs, merchants, and manufacturers, who invested in new technologies and business ventures. One of the key features of capitalism is the private ownership of the means of production and the ability for individuals to accumulate capital through investment and trade. What capitalism is, and what capitalism isn’t So, to clear up any confusion, what really is capitalism, and what isn’t it? But it also has many staunch critics, who will argue that, regardless of outcomes or track records, it is a deeply harmful and exploitative system. Nonetheless, a brief and uncontroversial way to define capitalism is as an economic system that emphasizes private ownership and the creation of goods and services for the purpose of profit.Ĭapitalism can be viewed as an economic system that has been a driving force in many advanced economies, fostered growth and innovation, enabled people to lift themselves out of poverty, and greatly improved living standards. Commentators have disagreed fiercely over not only the merits of capitalism but also the meaning of the term itself. Capitalism is a term that has been subject to much debate and controversy over the past century and beyond.
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