What is capitalism?

Capitalism is an economic system that is based on free markets, private ownership of resources, and the production of goods and services for profit. In a capitalist system, businesses and individuals are free to produce and sell goods and services without interference from the government. Capitalism emphasizes the importance of competition, which is believed to increase efficiency and drive innovation. Proponents of capitalism argue that it promotes economic growth and individual freedom. However, critics contend that capitalism can create income inequality and exploit workers or resources for the sake of profit.

This mind map was published on 17 May 2023 and has been viewed 77 times.