Capitalism

My Business is My Business.

Capitalism: An economic system in which individuals can run their own business.

Ex: Andrew Carnegie could run his own steel company using his own ideas and money.

Due to competition between companies, products are constantly improving.

Due to competition between companies, products are constantly improving.

Competition between companies also determines how much employees are paid and how much goods will cost.

Laissez-Faire Capitalism
(To Do and Let Do)
Individuals and business owners have complete control over the economy

Big Business's won't be regulated by the government, therefore people who run those big businesses determine the prices and wages, as well as the success of any smaller business trying to start. Due to this the bigger corporations have monopolies over the other smaller companies.

This also means there would be NO FDA or any such thing.

But there is also a difference between regular Capitalism and Laissez-Faire Capitalism.

Its like highschool and college, in highschool, your parents can tell you what to do and not do but you still have some control over your life. In college, you are in complete control over your life. Being in highschool is like Capitalism while college is like Laissez-Faire Capitalism.

Comment Stream