What type of economic system is Capitalism? Webster’s Dictionary specifies Capitalism as a ‘kind of economic, industrial, and social company of society involving ownership, control, and direction of production by independently owned business.’ Commercialism promotes private ownership.
An economic system in which the ways of production, distribution and exchange all in private ownership. This system was made in England at the beginning of the industrial transformation. Britain is the very first country on the planet which promoted Capitalism.
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Commercialism helped produce a larger Middle Class in Europe by enabling people to be property and entrepreneur without being part of the Aristocracy (of royal or noble birth). By the 17th Century, the European, Middle Class had a larger state politically due to the fact that they were bankers, entrepreneur, and homeowner. They were allowed to apply their impact by receiving hearings in the political arena since they were taxpayers. Capitalism was good for Europeans who were not of royal or worthy birth.
Given in Europe it was difficult to raise above the station born into, however, there were some less fortunate who managed to end up being Middle Class residents in their own enterprising efforts, by being offered a Middle Class benefactor who helped the individual into climbing up into the Middle Class, by inheritance, or by marrying into a Middle Class household. This gave the worst in Europe a location to climb up socially and economically; allowed them the chance to better their situation. Capitalism gave economic ways to many who otherwise had none.
In the United States, Capitalism assurances, each citizen level playing field to much better his/her social and economic standing. By one’s individual or collective efforts, any citizen can improve their scenario. There is no citizen rejected of birth access to any of the stations (Poor, Middle Class, or Rich).
What kind of government can support Capitalism? Any type of government (political system) can have a capitalist economic system. Entirely Communism cannot support Capitalism, since Communism is a various kind of economic system without any kind of political system (no government).
Capitalism is a self-supporting economic system that does not need government intervention or implementation; different to Socialism. This is mostly due to private ownership and the private sector actually running the economy (separate from the political system). It enables those taking part to have civil liberties that other economic systems do not allow; such as individual property ownership, individual liberty to select the amount of involvement and the manner in which one might participate. Why Capitalism became popular in Europe and was kept as an economic constant even during the formation of the United States. Commercialism promotes individual economic development and option.