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Capitalism definition for kid. During this period governments encouraged the development of capitalism through a policy called mercantilism. He said that capitalism would go away after workers decided to take over the government in a revolution because of the exploitation. Plus get practice tests quizzes and personalized coaching to help you succeed. Capitalism facts for kids.
The greatest invention of capitalism is often said to be the joint stock company. He wrote a famous book called the capital or das kapital in german. The same safe and trusted content for explorers of all ages. Terry eagleton harper s march 2005 the united states has assumed a global burden not just fighting terrorism and rogue states but spreading the benefits of capitalism and democracy.
Capitalism results in the best products for the best prices because consumers will pay more for what they want the most. Capitalism is at once far too rational trusting in nothing that it cannot weigh and measure and far too little as well accumulating wealth as an end in itself. The goal of mercantilism was to use trade to increase a country s wealth and power at the expense of rival countries. As a member you ll also get unlimited access to over 79 000 lessons in math english science history and more.
Take a minute to check out all the enhancements. Capitalism gained importance in the 1500s with the growth of international trade industry and banking. People and companies make most of the decisions and own most of the property. Karl marx was a famous communist philosopher from germany.
Businesses provide what customers want at the highest prices they ll pay and prices are kept low by competition among businesses. However it gained importance in the 1500s with the growth of trade. In it the government plays a secondary role. Capitalism is an economic system.
The word capitalism was not used until the 19th century. Within capitalism sometimes people might not get everything they need to live.
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