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Modern Capitalism

Definition

Modern capitalism is another term for neoliberalism. It refers to an economic system based on private ownership of resources and production, where profit maximization is the primary goal. It involves competition among businesses in a free market with limited government interference.

Analogy

Imagine modern capitalism as a game show where each contestant represents a different business trying to make as much money as possible. The host sets some basic rules but lets the contestants compete freely without any additional help or restrictions.

Related terms

Profit Maximization: This term describes the objective of businesses under modern capitalism, aiming to maximize their earnings or financial gains.

Free Market: A free market refers to an economic system where buyers and sellers can freely exchange goods, services, and resources without significant government intervention.

Limited Government Interference: This concept implies that governments play a minimal role in regulating business activities and instead focus on maintaining law and order within society.