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capitalism meaning in economics

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What is ‘Capitalism’

Capitalism is an economic system in which capital goods are owned by private individuals or businesses. The production of goods and services is based on supply and demand in the general market (), rather than through central planning (planned economy or command economy). The purest form of capitalism is free market or laissez-faire capitalism, in which private individuals are completely unrestrained in determining where to invest, what to produce or sell and at which prices to exchange goods and services, operating without checks or controls. Most modern countries practice a mixed capitalist system of some sort that includes government regulaion of business and industry.

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