Cole has provided us with a series of articles related to capitalism that shed so much light on its various aspects. Although this website runs one article into another, I will post them separately in what I believe is a logical order and selecting five articles that I believe are the most important. I am posting two of the five articles today. Thus I believe we should begin with the important characteristics of capitalism as described by Cole in this article.
Capitalism is a term that we are all familiar with. We have a capitalist economy in the U.S., and most of us could probably answer that a capitalist system is premised on competition between private businesses that seek to make profit and grow. But, there’s actually quite a bit more to this economic system, and it’s worth understanding the nuances, considering the fundamental and important role it plays in our lives.
So, let’s dig in to it a bit, from a sociological perspective.
Private property and ownership of resources are key aspects of a capitalist economy.