CAPITALISM To began we must first ask ourselves what is capitalism? Capitalism is defined as a social system based on the principle of individual rights. Capitalism also called Free Market Economy, or Free Enterprise Economy, economic system, dominant in the Western world since the breakup of feudalism, in which most of the means of production are privately owned and production is guided and income distributed largely through the operation of markets. Although the continuous development …
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showed last 75 words of 537 total
…Europe to the United States, and trade barriers multiplied. The Great Depression of the 1930s brought the policy of laissez-faire (noninterference by the state in economic matters) to an end in most countries and for a time cast doubt on the capitalist system as a whole. The performance of capitalism since World War II in the United States, the United Kingdom, West Germany, and Japan, however, has given evidence of its continued vitality. ------------------------------------------------------------------------ **Bibliography**