WORLD HISTORY

Detailed explanation-1: -Capitalism supports a free-market economy that encourages ownership of private property and wealth creation. Majority of countries in the world are capitalistic in nature with welfare policies that aim to achieve socialistic principles of economic, social, and political equality.

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.

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: -Pillars of capitalism private property, which allows people to own tangible assets such as land and houses and intangible assets such as stocks and bonds; self-interest, through which people act in pursuit of their own good, without regard for sociopolitical pressure.

Detailed explanation-5: -These include laissez-faire or free-market capitalism, anarcho-capitalism, state capitalism and welfare capitalism.