An economic system where wealth, and the means of producing wealth, are privately owned and controlled as opposed to commonly, publicly, or state-owned and controlled. The land, labor, and capital are owned, operated, and traded by private individuals or corporations.
Each person owns his own labor and is allowed to sell it to employers. Income, distribution, investments, pricing, production, and supply of goods, commodities and services are determined by voluntary private decision in a market economy. Property and private rights are protected by the rule of law of a limited government and, legislative action is confined to defining and enforcing the basic rules of the market.
Capitalism is the foundation of our free society. Or founding fathers were NOT wrong when they framed our economic system with it. It has worked for 230 years. It’s not broken now, it’s government that’s broken.
