Capitalism is defined as an economic system in which a country’s trade, industry, and profits are controlled by private companies, instead of by the people whose time and labor powers those companies. The United States and many other nations around the world are capitalist countries, but capitalism is not the only economic system available; throughout history, other countries have embraced other systems, like socialism or communism, so it’s important to explore what capitalism actually is.
CNN recently reported that 66% of people between the ages of 21 and 32 have nothing saved for retirement. However, according to Salon, the reason many millennials haven’t been investing in mutual funds or building up their own financial nest eggs isn’t because they’re too broke, or that they lack personal responsibility — it’s because they think our current economic system, capitalism, will cease to exist by the time they are in their 60s.
Source: What “Capitalism” Is and How It Affects People – Teen Vogue
This is a really good primer on capitalism, and how it works. I feel like there is a lot of back and forth on the subject, but people seem to conflate a lot of other ideas into it.
Teen Vogue is way better these days, then when I was a kid.