Define capitalism. What factor determines whether a country's economy is more or less capitalist?

Answer and Explanation:

Capitalism is a type of economic system in which private parties or individuals own businesses within a country in contrast with command economy in which the government controls the capital goods. Therefore, in a capitalist economy, the goods and services move "freely" as the government is not in charge.

A country would be defined as a capitalist nation if the products and services are owned and moved by private entities. Capitalist countries are generally characterized by innovation that is fueled by competition.

For instance, the United Kingdom is considered to be mostly capitalistic because the government does not own businesses, the factors of production are owned by individuals.

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