(a) Capitalism is a political and economic system in which the means of production, distribution and exchange are owned and controlled by private individuals, and in which the economic activity of the government is at a minimum level.
(b) Capitalism as a system exhibits the following features.
(i) There is private ownership and control of the means of production and distribution.
(ii) Profit motive is the guiding principle
(iii) The economy is subject to the market forces of demand and supply.
(iv) There is freedom of choice to consumers, workers and owners of capital.
(V) It has highly developed occupational specialization.
(vi) It is characterized by competition and economic rivalries
(vii)Labour is a marketable commodity
(Viii) There are many producers as well as buyers.
(ix) Existence of class war between the bourgeoisie and the proletariat is the order of the day.
(x) Existence of the principle of liberty and the Rule of Law.
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