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Word Count: 769
Capitalism is an economic system where private individuals and business firms carry on the production and exchange of goods and services through an intricate system of prices and markets Capitalism shows that it is possible to pursue private gain in ways that would benefit not just the interests of the individual but also those of society as a whole Societys interests are met by maximum production of the things that people want The grouping of self-interest private property and competition among sellers in markets will lead producers as by an invisible hand to an end that they did not intend namely the well being of society In a capitalistic economic system the basic production facilities land and capital- are privately owned The economic activity is structured and coordinated through the interaction of buyers and sellers in markets Owners of land and capital as well as the workers they employ are free to pursue their own self-interests in seeking maximum gain from the use of their resources and labor in production Consumers are free to spend their revenues in ways that they believe will yield maximum satisfaction Under capitalism producers will be forced by competition to use their resources in ways that will best satisfy the wants of consumers Self-interest and the pursuit of gain lead them to do this Under this system a minimum of government supervision is required if competition is present economic activity will be self-determining Government will be necessary only to protect society from foreign attack uphold the rights of private property and guarantee contracts Socialism economic and social doctrine political movement inspired by this doctrine and system or order established when this doctrine is organized in a society The socialist principle demands state ownership and control of the primary means of production and distribution of wealth to be achieved by reconstruction of the existing capitalist or other political system of a country through peaceful democratic and parliamentary means
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