Identify and describe the 4 basic rights that form the foundation of capitalism. Please be very specific/detailed.© BrainMass Inc. brainmass.com March 4, 2021, 9:08 pm ad1c9bdddf
1. Identify and describe the 4 basic rights that form the foundation of capitalism. Please be very specific/detailed.
CAPITALISM is an economic system in which all or most of the means of production and distribution are privately owned and operated for profit. In capitalist countries, businesspeople decide how to use their resources and how much to charge. No country is purely capitalist, but the FOUNDATION OF THE U.S. IS CAPITALISM. Capitalism is the foundation for the economics of England, Canada, Australia, and most developed nations.
The four basic rights that form the foundation of capitalism are:
1. The right to private property.
2. The right to keep all profits made after taxes,
3. The right of choice and
4. The right to compete with other business.
Following the ideas of Adam Smith, businesspeople created more wealth than every before. Great disparities in wealth remained or even increased. Although it is not easy, opportunities to start one's own business have always been there, especially in a free market. One benefit of such rights is that people are willing to take more RISKS than they would otherwise.
In other words, it is a free market, where people can buy a business through the right to private property. They can make a profit after paying taxes. They can choose any type of product or service within the bounds of law. As well they have the right to compete with other ...
This solution identifies and describes in detail the 4 basic rights that form the foundation of capitalism.