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Capitalism
/ˈkæp.ɪ.tə.lɪ.zəm/noun
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Capitalism is an economic system characterized by private ownership of the means of production, where goods and services are exchanged in competitive markets driven by profit motives. This framework has fueled rapid technological advancements and global trade, but it's increasingly scrutinized for contributing to income inequality and environmental challenges in today's interconnected world.
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The advent of capitalism helped fuel the Industrial Revolution, which boosted global life expectancy from about 30 years in 1800 to over 70 years today, largely due to innovations in medicine, sanitation, and food production spurred by market-driven incentives.
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