What is capitalism? Identify and briefly describe the three ways in which capitalism can develop. Which one(s) is/are found in the United States? Justify your points with examples
What will be an ideal response?
Capitalism is a profit-oriented economic system based on the private or corporate ownership of the means of production and distribution. In Laissez-faire capitalism governments leave the marketplace alone to operate without government interference; self-interest rules, the bottom line is most important, and markets are not regulated. State capitalism requires that the government use a heavy hand in regulating and constraining the marketplace. Companies can be privately owned but must meet government standards. In Welfare capitalism the government regulates essential social services such as transportation, health care, and the mass media. The United States has elements of all three forms. For example, laissez-faire capitalism operates in the U.S. when companies try to operate with as little regulation as possible, resisting unionization or minimum wage laws. State capitalism is exemplified with industries that may agree to regulations in exchange for a more stable economic environment and the possibility of a government bail-out. The massive public sector (federal, state, local) operate as a kind of welfare capitalism, attempting to ensure a minimum standard of living.
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