USA HISTORY

Detailed explanation-1: -Once again, the legal rules defining capitalism embed a robust norm of equality in that they promote the welfare of every member of society without regard to the person’s personal or social characteristics or his level of wealth.

Detailed explanation-2: -Capitalism is often thought of as an economic system in which private actors own and control property in accord with their interests, and demand and supply freely set prices in markets in a way that can serve the best interests of society. The essential feature of capitalism is the motive to make a profit.

Detailed explanation-3: -In a capitalist economy, capital assets-such as factories, mines, and railroads-can be privately owned and controlled, labor is purchased for money wages, capital gains accrue to private owners, and prices allocate capital and labor between competing uses (see “Supply and Demand”).

Detailed explanation-4: -In Capitalism, each man is entitled to what he produces. Under Capitalism, fairness requires society to provide equal opportunity to achieve success.