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Word Count: 347
Capitalism is an economic system based on private ownership of the means of production Which personal profit can be gain through investment of capital and employment of labor Capitalism is grounded in the concept of free enterprise which argues that government involvement in the economy should be restricted and that a free market based on supply and demand will eventually maximize consumer welfare Capitalism has existed in a limited form in the economies of all civilizations but its modern importance dates at least from the that began in the 18th centaury when bankers merchants and industrialists began to transfer landowners in political economic and social importance Mostly in Great Britain Capitalism stresses freedom of individual economic enterprise however government action has been and is required to control its abuses which have ranged from slavery especially in United States and apartheid in South Africa to monopoly cartels and financial fraud Capitalism does not suppose a specific form of social or political organization The democratic socialism of the Scandinavian states the agreement politics of Japan and the state sponsored speedy industrial growth of South Korea while under military dictatorship all coexist with capitalism Despite the capitalist ideal of handsoff government major 1 government involvement has existed in most capitalist nations at least since the Great Depression in the 1930s In the United States it exists in the form of subsidies tax credits incentives and other types of exemptions Though private production plays a major role in the economies of Germany and Japan both nations have centrally planned industrial policies in which bankers industrialists and labor unions meet and seek to agree to wage policies and interest rates these countries reject the idea of letting the market completely determine the economy The collapse of the Soviet Union and its satellite states in Eastern Europe 19891991 left those countries with a heavy drain and an uncertain future and represented a large move back in the
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