WORLD HISTORY

Detailed explanation-1: -Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, price systems, private property, property rights recognition, voluntary exchange, and wage labor.

Detailed explanation-2: -What Does Free Market Capitalism Mean? Any economy is capitalist as long as private individuals control the factors of production. A purely capitalist economy is also a free market economy, meaning the law of supply and demand, rather than a central government, regulates production, labor, and the marketplace.

Detailed explanation-3: -capitalism, also called free market economy or free enterprise economy, economic system, dominant in the Western world since the breakup of feudalism, in which most means of production are privately owned and production is guided and income distributed largely through the operation of markets.

Detailed explanation-4: -Adam Smith is considered the first theorist of what we commonly refer to as capitalism.