How has capitalism evolved over time?

Capitalism has undergone significant changes over time, from its early forms during the Industrial Revolution to its modern-day expressions. Early capitalism was largely laissez-faire, where government intervention was limited, and the markets were primarily driven by supply and demand. However, over time, capitalism has become more regulated, and consumer protection laws were established to address market failures. Additionally, globalization has expanded the markets, and the rise of technology has opened new avenues for businesses. Today, capitalism has been criticized for its increasing wealth inequality, leading to debates on how best to ensure the system remains fair and equitable for all.

This mind map was published on 17 May 2023 and has been viewed 119 times.