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What Is?...
1. Private individuals and businesses own resources and industries.
2. The goal is to generate profits by creating goods and services.
3. Supply and demand determine prices in a free market.
4. Competition drives innovation and efficiency.
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History Of Capitalism
1. Emerged in Europe during the 16th-18th centuries.
2. Replaced feudalism and mercantilism.
3. Industrial Revolution (18th-19th centuries) fueled capitalism's growth.
4. Globalization and technological advancements have shaped modern capitalism.
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Capitalism Pros
1. Incentivizes innovation: Competition drives creativity and improvement.
2. Efficient allocation of resources: Market forces optimize resource distribution.
3. Economic growth: Capitalism has lifted millions out of poverty.
4. Individual freedom: People can pursue their own goals and ambitions.
5. Variety of goods and services: Capitalism offers a wide range of choices.
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Cons of Capitalism
1. Income inequality: Wealth concentration among the rich.
2. Exploitation: Workers may be underpaid or overworked.
3. Market failures: Externalities, monopolies, and information asymmetry.
4. Environmental degradation: Profit prioritization can harm the environment.
5. Instability: Capitalist systems can experience boom-and-bust cycles.
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"Capitalism is not a zero-sum game, where one person's gain is another's loss. It's a positive-sum game, where everyone can win."
- JOHN MACKEY
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