Hello everyone! Welcome back! Are you interested in politics and the economy? Do you wonder which economic system is the best? We welcome you to solve our ‘How Capitalist Are You?’ Quiz which will shed some light on your political beliefs. Capitalism is one of the most developed and known economic systems. If you wish to discover your true economic standpoint, you can’t miss out on quizzes featuring capitalism. 

So how capitalist are you? Are you a proponent or opponent of this economic system? Let’s not delay any longer and get to the business. You can start the quiz right away or have a read of the article below to learn what’s what when it comes to capitalism.

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Capitalism – Economic System

Capitalism is an economic system based on the means of mass production and private ownership. In this system, businesses and private individuals own goods. Business owners, also referred to as capitalists, seek employees to work for them in exchange for profit (wages). Laborers are not owners of the means of production but use them according to the agreement with capitalists. 

Capitalism is characterized by the supply and demand dynamic, competitive markets, wage labor, voluntary exchange, capital accumulation, price system, and property rights recognition. These components of capitalism developed out of the previous dominating economic systems: Europeans feudalism and mercantilism. Drastic expansion of the industry and access to mass-market consumer goods caused the emergence of the new economic system, capitalism.

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Origins Of The Capitalist Ideas

The term ‘capitalist’ precedes ‘capitalism’. It means ‘owner of the capital’ and can be traced back to the mid-17th century. As for ‘capitalism’, its roots can be found in the word ‘capital’ which is based on the Latin word ‘capitale’. This late latin word also has its predecessor – the word ‘caput’ which means ‘head’.

‘Capitale’ was commonly used in the 12th and 13th century and referred to stock of merchandise, sum of money, funds, and  money carrying interest. At the end of the 13th century, it meant fund, money, wealth, property, assets, and capital assets of the trading firm.

It wasn’t until the second half of the 19th century, when ‘capitalism’ was first used in the sense we know today. It is attributed to French politician and historian Louis Blanc and Pierre-Joseph Proudhon, known as ‘father of anarchism’. 

Capitalism – Pros And Cons

Is capitalism the best economic system? Take a look at the pros and cons of this economic system and see if its benefits outweigh its flaws. 

Pros

• Encourage innovation and business expansion
• Competitive market result in variety of products
• Prevent bureaucratic government
• Better quality of goods
• Provides more freedom than other economic systems
• Better efficiency of markets
• Consumers have a lot of services to choose from
• Lower tax rates
• Attractive economic conditions for foreign investors
• Good conditions for technological progress
• Easier to accumulate wealth

Cons

• Business owners can gain monopoly and exploits its workers
• Firms which gained monopoly control prices and can pay lower wages
• Increases the inequality in the society
• Damage to the environment caused by businesses’ free rein
• Lead to higher rents and property prices
• May increase homelessness and poverty
• May increase social tensions
• Bigger wealth gap

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Conclusion

For many, capitalism is considered the best economical system. It is associated with business growth, prosperity, successful career, and competition on the marketplace. Many argue that this system has contributed to great prosperity since modern times. Like other economical concepts it is not without flaws and problems. What is more, capitalism may not work in some countries. Many various factors come into play when it comes to the political and economical atmosphere prevalent in certain regions in the world. For instance, capitalism may be difficult to introduce if people’s beliefs, mentality, lifestyle, and country’s political situation are attuned to work well with other systems.

But how about you? Are you a proponent of capitalism? It’s finally time to settle this once and for all. Now that you read our article you are ready to solve our quiz! 

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How Capitalist Are You? 2023 Political Quiz

Are you a proponent of capitalism? How many capitalist ideas do you agree with? Take our free political test and find out if you are a true enthusiast of this economic system!

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