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Answer :
Final answer:
Capitalism, defined as an economic system with private ownership and profit motive, has been both critiqued for creating social inequality and lauded for fostering economic growth. It is the predominant economic system in the U.S., allowing for private investment and wealth generation.
Explanation:
Capitalism is an economic system characterized by private ownership and the pursuit of profit. According to Marxist theory, the state under capitalism serves the interests of capitalists, resulting in oppression of the working class. Economic systems form the base of society, while moral, legal, and political systems are superstructures that arise from it. Throughout history, as seen during the industrial revolution and onwards, capitalism has been critiqued for fostering social inequality, with the wealth generated often leading to a class hierarchy. Despite the critiques, capitalism has been accepted in many countries including the United States, where private ownership and market-driven businesses constitute the norm, allowing individuals to invest and potentially reap profits.
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