What is meant by capitalism? - Vidyadip

Question

What is meant by capitalism?

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Answer

Capitalism is an economic system in which the means of production are privately owned and organised to accumulate profits within a market system.
Capitalism in the west emerged out of a complex process of:

European exploration of the rest of the world.
Its focus was on gathering the wealth and resources of others through force.
-It caused tremendous growth of science and technology.
Implementation of science and technology in agriculture, and industries.
Capitalism focused on globalisation related to western colonialism.

Its mainly focuses on dynamisms, potential to grow, expand, innovate, use technology and labour and ensure maximum profits.

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