By: Ameer Ali
Capitalism is an economic system based on private ownership of property and businesses. In this system, individuals and companies produce goods and services to make profit. Prices and production are mainly determined by supply and demand in the market rather than by the government. Supporters of capitalism believe it encourages innovation, competition, and economic growth. However, critics argue that it can create social inequality and concentrate wealth in the hands of a few people. Many modern countries use a mixed economic system, combining capitalism with some government regulation to protect workers, consumers, and the environment while still allowing businesses to operate freely.
