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Although America is well-known as a mainly capitalistic nation, the nation is older than a solid concept of "capitalism" as an economic system.
Although America is well-known as a mainly capitalistic nation, the nation is older than a solid concept of "capitalism" as an economic system. In fact, some of the colonies were originally set up with a more socialistic/communal model. Watch the following Youtube video about this: https://www.youtube.com/watch?v=7dAmroKyzGY
Is that the outcome that you expected from a socialist set-up? Remember one of the foundational principles of economics in chapter 1: People respond to incentives. What is the difference between capitalism and socialism that gives people more incentive to be more productive under capitalism?
