What is Capitalism? | History, Meaning, Pros and Cons of Capitalism

Functionally, capitalism is one system of economic production and resource distribution.
Instead of planning economic decisions through centralized political methods, as with socialism or feudalism, economic planning under capitalism occurs via decentralized, competitive, and voluntary decisions.
Capitalism is essentially an economic system whereby the means of production (i.e., factories, tools, machines, raw materials, etc.) are organized by one or more business owners (capitalists).
Capitalists then hire workers to operate the means of production in return for wages.
Workers, however, do not have any claim on the means of production nor on the profits generated from their labor - these belong to the capitalists.

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#economics #economicpolicy #socialism #communism #adamsmith #worldhistory

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