CU4, Capitalism - CU4 Capitalism Definition key features...

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CU4, Capitalism Definition, key features, ethical justifications and defenses, and ethical criticisms of capitalism
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Definition of capitalism According to Shaw & Barry, “Capitalism can be defined ideally as (1) an economic system in which (2) the major portion of production and distribution is in private hands, operating under (3) what is termed a ‘profit’ or ‘market’ system.” Capitalism can be distinguished from socialism, which is (1) “…an economic system characterized by (2) public [social/governmental] ownership of property and (3) a planned economy.”
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Key features of capitalism 1. Companies 2. Profit motive 3. Competition 4. Private property (Discuss each of those key features.)
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Ethical justifications of capitalism 1. The natural right to property 2. Religious justification(s) of private property (e.g. The Ten Commandments) 3. Adam Smith’s concept of the invisible hand 4. Capitalism rewards work, success, making products that
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