What are basic features of capitalism ?

Capitalism can be explained as an economic and political system in which a country's trade and industry are watched over by private owners for profit, rather than by the state.

By definition, “Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. ”

Features of capitalism

1. It has a Private property

2. It will have a Capital accumulation

3. Wage labor is very crucial

4. Voluntary exchange is also needed

5. price system exists

6. Competitive markets also exist.

7. Capitalism requires a free market economy to be successful.

8. Capitalism results in the best products for the best prices.

9. It includes innovation of new products and efficient production methods

10. Capitalism doesn't afford those who lack reasoning skills.

11. Capitalism is least concerned about external costs, such as pollution and climate change which may be the result of the production process.