What Is Capitalism?


Capitalism in it's purest essence is economic freedom. Capitalism is an economic system in which trade, industry, and production are privately owned by individuals or firms. The owner of production is the individual who benefits from the sale of goods. This pro-business system thrives in a consumer culture. If no one's buying products then the system breaks down. The more profit a capitalist entrepreneur brings in, the more goods they produce. The more goods produced, the lower the price of the goods become. The lower the price, the more people can afford to buy.


This cycle promotes progress and raises the standard of living throughout society.  Capitalism is what fuels innovation and new products coming to market due to increased competition between producers. Creative inventors and companies want to sell you their latest gadgets and services to increase in riches and wealth for themselves which is essentially the definition of capitalism.







Advantages Of Capitalism


  • Economic freedom helps political freedom since the government doesn't own production or set prices
  • Incentives from competition create pressures to cut cost and avoid waste leading to value creation and innovation
  • Innovation and economic expansion increase real GDP and lead to improved living standards
  • Almost anyone with an idea along with a business and marketing plan can become a producer in the marketplace




Disadvantages Of Capitalism



  • Monopoly power of products and labor markets from private ownership leads to higher prices
  • Capitalist institutions band together to pay workers lower wages to create great disparities between owners and employees
  • Corporate titans may ignore negative effects of business such as pollution and consumer health resulting in lower living standards
  • Boom and bust cycles lead to sudden recessions and mass unemployment





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