WORLD HISTORY

Detailed explanation-1: -In the market capitalist economy, people possess the right to own property and to pass it on to their successors. It leads to a higher rate of the economy and more economic growth. There is absolute economic freedom that means freedom to choose occupation and enterprise.

Detailed explanation-2: -Historically, capitalist society was characterized by the split between two classes of individuals: the capitalist class, which owns the means for producing and distributing goods (the owners), and the working class, who sell their labor to the capitalist class in exchange for wages (the workers).

Detailed explanation-3: -Capitalism is an economic system based on the principle of private ownership of the means of production and the creation of goods and services for profit.

Detailed explanation-4: -The Marxist periodization of capitalism into the stages: agricultural capitalism, merchant capitalism, industrial capitalism and state capitalism.