Major Economic System

Definition

The major economic system that emerged in the United States during the late 19th century is known as capitalism. It is an economic system where private individuals and businesses control the means of production, and profit is generated through market competition.

Related terms

Industrialization: The process of developing industries on a large scale, which played a crucial role in the growth of capitalism.

Laissez-faire: An economic policy that advocates for minimal government interference in business activities and supports free markets.

Socialism: An alternative economic system where resources are owned collectively by society rather than privately, aiming for equitable distribution of wealth.