Mind map
Capitalism
Mind map: Capitalism
Map content
Capitalism
Meaning
- an economic system and an ideology that is based on private ownership of the means of production and their operation for profit
- industries owned by private people not government
- Sell the products for profit
Historical Development
- - European Middle Ages - started to develop - After French Revolution & Napeleonic - Adam Smith, father of capitalism create policies and his policies put into practice - 19th century - industrial capitalism and factory system started to grow and develop - 1860s to 1914s - the development led to the beginning of the Industrial Revolution in United States - Started to spread all over the world
Characteristics
- Voluntary Exchange
- Private Property Right
- Profit Motivate
- Economic Freedom
- Competition
Impact
- economic disparity
- discourage local production
- consumerism
- encourage corruption
Information
- Description
- Mind Map on Capitalism, created by fatihah fuzi on 08/04/2018.
- Created by
- fatihah fuzi
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