Who controls the economy under capitalism

Hanisauland: Lexicon @todo: from Preprocess

capitalism

Economic and social order

With "capitalism" one describes a certain economic and social order. Supply and demand determine the market and production. The capital is machines, plants, factory buildings, money, vehicles and so on. In capitalism, the chapter is owned by entrepreneurs. The state intervenes little or not at all in economic activity. The entrepreneurs can work and let work largely freely. The state protects private property and entrepreneurs.

Beginning of capitalism
The period of the Industrial Revolution in the 19th century, when the first factories were built, is considered to be the beginning of capitalism. Back then, people often worked in the factories under very dire conditions. Most of the time wages were low, the work was hard and there were no laws protecting workers, and protests against this situation soon broke out. Karl Marx (1818-1883) was the fiercest opponent of the capitalist system. He criticized the fact that the workers were without property and economically dependent on the capital owners. In addition, they do not care about the workers' situation.
Reforms

At the beginning of the 20th century, the capitalist economic systems of the western industrialized countries were reformed. The state influenced economic activity through laws and political measures, and the stronger unions represented the interests of the workers.

Today: market economy

Even today, the economic systems in many industrialized countries function according to capitalist principles. But the state tries through laws to ensure that people are no longer exploited and that the market is fairer. Many factories are privately owned or owned by public companies and large corporations. The state protects private property. Most of the time, the term "market economy" is used instead of "capitalism". In Germany there is a social market economy.

FAQ / Frequently Asked Questions

(Frequently Asked Questions - this is the English translation of "frequently asked questions")

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