Capitalism - An economic system based on the “Survival of the fittest”.

This term was first coined by Karl Marx to describe a system in which small group of people own large amount of money, land, resources. It puts all the economy is the hands of wealthy business people with the only aim of maximizing profits. Such economies remain free of government intervention with all the policies being determined by private individuals. The result is monopoly, and a huge gap in the earnings among the employer class and the worker class. Though its very good for trades and industries to flourish, it can lead to worker exploitation and unethical business pratices. “Laissez-Faire” capitalism which means pure capitalism with no government intervention is said to have never existed in practice.