By Taylor Andre, Kaitlyn Banchard, Madeleine Limoges
Definition of capitalism: economic system where individually owned businesses produce and distribute goods
Definition of laissez-faire: allows companies to run their own business without the government overtaking their business
Mining during the Klondike Gold Rush, companies were formed to invest in expensive equipment for mining. They did this for individual profit by producing equipment that was in high demand.
Unlike communism, where ownership of a business is given to the community as a whole or to the state, capitalism had individual freedom to produce and sell what goods they wanted. Also, capitalism divides society into different classes, which means that there is more competition to produce better quality products. However, communism does not have competition because all business are owned by the same people, which is the government.