CAPITALISM

452 WD

The years 1870-1920 are known as a period called “capitalism takes command.” Capitalism is an economic system where trades and industries are controlled by private owners. Command economy is an economy in which production, investment, prices, and incomes are determined centrally by a government. Capitalism and command are two different economies. What makes them different is the amount in which the government is involved. In the capitalist economy people are free to own property which is known as ‘capital’ and they get to choose what they want to do with their property and they also get to choose how to employ labor for their property. According to unit 3 there are two frontiers for