Capitalism
An economic system based on the private ownership
Real World Example
During the Global Age (1420-1750), capitalism began to emerge in Europe as merchants and explorers sought to expand trade with the Americas, Africa, and Asia. This system allowed individuals to own property and businesses, encouraging innovation and competition, which helped fuel economic growth and the development of new markets. Capitalism responded to the limitations of feudalism by promoting individual enterprise and wealth creation rather than relying on the land-based power of the nobility. Today, capitalism remains important as it drives the global economy, influencing job opportunities, consumer choices, and technological advancements. For example, when you buy a smartphone, you're participating in a capitalist system where companies compete to offer the best products, affecting prices and the technology available to you.
