In the mid-19th century, a great economic system was formed that would change our lives forever. That system was called capitalism. Capitalism is an economic system created by combining many parts of many other economic systems. Capitalism was based on the idea that individuals and businesses would manage all factors of production and trade. They will also control prices and markets themselves. Mercantilism was the precursor to capitalism, although each is different in many ways. Mercantilism aimed at the wealth of the state, while the motive of capitalism was the wealth of the individual. There were many blueprints for this new system called capitalism, which would make it unlike any other economic system we have ever seen. What made capitalism different from all other economic systems was that production facilities, land, and capital were all privately owned. What made capitalism different was that the government did not entirely control the economy. Capital is based on the idea of ​​free economic decisions for people; basically people were free to spend their money however they wanted. Companies instead could decide what they wanted to produce and how much to charge. In a capitalist society, product prices were regulated by competition. This means that as long as markets remain competitive, prices must also remain competitive. The system of capitalism was different from any other because it was non-profit or...