Answer:
Capitalism is simply defined as an economic and political system in which a country's the trade and industry are controlled by private owners for profit, rather than by the state. Some of the core characteristics of capitalism include a price system, personal property, and voluntary exchange and labor.
Why is Capitalism the Greatest?
Capitalism is the greatest economic system because it has numerous benefits and creates multiple opportunities for individuals in society. Some of these benefits include producing wealth and innovation, improving the lives of individuals, and giving power to the people. Capitalism allows individuals to participate in actions within the market based upon their own interests.
Producing Wealth and Innovation
Within a capitalist society, every individual has the opportunity to create wealth within their lives. Without oppressive actions and force from the state, capitalism allows an individual to quickly grow and prosper throughout the economy by allowing them to participate in whatever action they believe will benefit them the best. Capitalism rewards individuals who have equipped themselves with skills that producers are willing to pay for. On the other hand, the main aspect of socialism is redistributing wealth so that every individual is equal. Why should a doctor have the same wealth as a pet sitter? One thing socialists get wrong is believing that the redistribution of wealth is a good and moral idea. Why should someone else's money be used to pay for another person's college? How is it right to strip away the wealth from an individual, when that wealth is that individual's private property? The difference in this is that capitalism rewards individuals for success and progress by allowing them to grow that wealth through investment and other actions within the market. On the other hand, socialism allows the opposite by stripping away that wealth to be redistributed throughout the economy. Capitalism produces innovation because competition is highly evident within a capitalistic marketplace. Private businesses compete to provide consumers with goods and services that are better, faster, and cheaper. This encourages companies to create better and improved products to satisfy customers and oust competition. There is always room for improvement within anything, and capitalism rewards improvement through purchases and investment. Consumers will purchase the goods or services they believe are the best. This drives producers to make the best products possible.
Answer:
I believe that capitalism became so widespread because of its benefits. As you most likely know capitalism lacks government intervention, products are distributed according to price mechanism (opposing government price control), and, its means of production by private firms
The benefits of Capitalism is that it gives the customer freedom, encourages innovation, and it prevents large bureaucratic government
With the benefits I think it's safe to say that Capitalism is so widespread because its one of the best, if not the best, economic system
I hope this helps! Brainliest is very much appreciated!
