The following principles serve as the cornerstones of capitalism: self-interest, which drives people to act in their own best interests regardless of social or political pressure; private property, which enables people to own both tangible and intangible assets such as stocks and bonds and real estate and houses.
What do you mean by capitalism?
- An economic system based on private ownership of the means of production and their use for profit is known as capitalism.
- Capital accumulation, competitive markets, the pricing system, private property, the recognition of property rights, voluntary exchange, and wage labor are key aspects of capitalism.
- Free market capitalism has been a tremendously potent force for good in the world, despite its flaws. More people have found hope and been lifted out of poverty thanks to the combination of liberal democracy and free market economics than under any other economic system in the world.
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