(‘capitalism’ is an ‘economic system’ based on private ownership of the means of production and their operation for profit)
(characteristics central to capitalism include private property, capital accumulation, wage labor, voluntary exchange, a price system, and ‘competitive markets’)
(in a ‘capitalist market economy’, decision-making and investment is determined by the owners of the factors of production in financial and capital markets, and prices and the distribution of goods are mainly determined by competition in the ‘market’)
Economists, political economists, and historians have adopted different perspectives in their analyses of capitalism and have recognized various forms of it in practice.
(these include laissez-faire (or ‘free market capitalism’), ‘welfare capitalism’, and ‘state capitalism’)
(different forms of ‘capitalism’ feature varying degrees of ‘free markets’, ‘public ownership’, ‘obstacles’ to ‘free competition’, and ‘state-sanctioned social policies’)
(the ‘degree’ of ‘competition’ in ‘markets’, the role of ‘intervention’ and ‘regulation’, and the ‘scope’ of ‘state ownership’ vary across different models of ‘capitalism’; the extent to which different ‘markets’ are ‘free’, as well as the ‘rules’ defining ‘private property’, are matters of ‘politics’ and of ‘policy’)
(most existing ‘capitalist economies’ are ‘mixed economies’, which combine elements of ‘free markets’ with ‘state intervention’, and in some cases, with ‘economic planning’)
(‘capitalism’ has existed under many ‘forms of government’, in many different ‘times’, ‘places’, and ‘cultures’)
(following the decline of ‘mercantilism’, ‘mixed capitalist systems’ became dominant in the ‘western world’ and continue to spread)
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*TABLE OF CONTENTS*
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*WE WON THE WAR*
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