Capitalism Is The Most Recognized Economic System

Capitalism Capitalism refers to an economic system in which the means of production are privately owned and are run for profit. I found this to be a very important concept as capitalism is the most recognized economic system in the world today. It also plays a very fundamental role in the world politics today as both national and international policies are greatly affected by capitalism and trade between one country and another. The issue of capitalism is important to me as a political science student as it allows me to understand the how prominent business people impact of the politics of any given state. Capitalism is characterized by elements such as competitive markets, capital accumulation, and salaried labor. Within this type of an economy, those partaking in a transaction posses the power to determine the prices at which goods, services and other assets are exchanged. In the free market economy, the state is allowed to intervene in the pricing of products and it provides signi ficant services to its citizens in form of unemployment benefits, social security, and the recognition of labor laws. State capitalism refers to the form of capitalism in which the state owns the means of productions and organizes its state enterprises as commercial and profit-seeking enterprises. Mercantilism is the form of capitalism that is illustrated by intertwining state interests and national business interests. There are other forms of capitalism including the mixed economy and corporateShow MoreRelatedCapitalism And Capitalism883 Words   |  4 Pagesform Capitalism. Capitalism in essence, is a system of economic value in which private ownership is the source of production (Such as factories, and farming). Goods are produced and in return, income and profit are gained. 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