Capitalism is an economic system in which private individuals or businesses own capital goods.
The production of goods and services is based on supply and demand in the general market-known as a market economy-rather than through central planning—known as a planned economy or command economy.
The purest form of capitalism is free market or laissez-faire capitalism. Here, private individuals are unrestrained.
They may determine where to invest, what to produce or sell, and at which prices to exchange goods and services. The laissez-faire marketplace operates without checks or controls.
Today, most countries practice a mixed capitalist system that includes some degree of government regulation of business and ownership of select industries.
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