capitalism

Question 1

what is capitalism?

Answer 1

Based on the idea that property should be privately owned, and that people should be free to produce, buy and sell goods and services as they see fit without government interference

Question 2

mixed capitalism?

Answer 2

• It was essentially a capitalist economy where the government involved itself to some extent in economic decision in order to ensure that wealth was more evenly distributed
• Minimum wage laws, regulating working hours and conditions

Question 3

benefits of capitalism

Answer 3

• Main benefit = solved the problem of production
• Private property
• Increased food due to inventions
• Increased trade and agriculture
• Increased quality of life
• Innovation
• Increased efficiency due to new inventions
• Encouragement for making new ideas

Question 4

negatives of capitalism

Answer 4

• Main negative = had not solved the problem of distribution
• Poor people didn’t have access to production
• Quality of life for poor people was bad
• No increase in wages
• Businesses didn’t have to be concerned with safety
• Class division
• Exploitation of workers
• Inequality