Capitalism is the dominant economic system in the world today. Here, it'll be explained in as much detail (as we can!) in 60 seconds. We originally attribute capitalism to Adam Smith, and two of capitalism's central ideas are entrepreneurship and the law of supply and demand.

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Sources:

Noesgaard, D., Yoshida, D., Colless, R., Phui, L., & Fielding, J. (2010). Understandings of ideologies. Don Mills, ON: Oxford University Press.