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Expanded Definition - Assignment Example

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Capitalism is “an economic system in which the means of production and distribution are privately or corporately owned and development is proportionate to the accumulation and reinvestment of profits gained in a free market” (Landauer & Rowlands, par.1). It is the only…
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Expanded Definition Assignment
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Expanded Definition

Download file to see previous pages... The environmental pressures in capitalism are provided by supply and demand. To be successful a capitalist society must be open and competitive. It also results in economic incentives (Free, par.4).
As a practice, capitalism is characterized by the “accumulation of the means of production (materials, land, tools) as property into a few hands. The accumulated property is called “capital" and “capitalists” are the property-owners of these means of production” (Hooker, par.4). To produce the goods and distribute them, productive labor is needed. The capitalists are the ones who manipulate the means of production and labor through the use of rational calculation so that profits are realized (Hooker, par. ...Download file to see next pagesRead More
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