What Is Capitalism? Pros, Cons & Adam Smith Explained

Have you ever wondered what Capitalism is? In this video, we’re going to look at a simple explanation of Capitalism as well as the pros and cons.

Capitalism is an economic system in which private individuals or businesses own and control the means of production, distribution, and exchange of goods and services. Under capitalism, the pursuit of profit and individual self-interest are the driving forces of the economy.

In a capitalist system, individuals are free to own property, start businesses, and compete with one another in the market. Prices are determined by supply and demand, and profits are reinvested into the economy for further growth. The government's role in a capitalist system is to ensure a level playing field for all market participants, enforce contracts, and protect property rights.

Sources:
Heritage Foundation's Index of Economic Freedom: https://www.heritage.org/index/ranking
Investopedia's definition of capitalism: https://www.investopedia.com/terms/c/capitalism.asp
Encyclopedia Britannica's article on capitalism: https://www.britannica.com/topic/capitalism
Stanford Encyclopedia of Philosophy's entry on capitalism: https://plato.stanford.edu/entries/capitalism/
"The Capitalist Solution" by Andrew Bernstein
"Capitalism and Freedom" by Milton Friedman
"The Wealth of Nations" by Adam Smith
Cons of Capitalism:
"The Case Against Capitalism" by Jerry Mander and Edward Goldsmith
"Capitalism: A Ghost Story" by Arundhati Roy
"The Communist Manifesto" by Karl Marx and Friedrich Engels

#Capitalism #politics #economics