Which economic system emphasizes individual ownership and profit-making?

The economic system that emphasizes individual ownership and profit-making is capitalism. Within capitalism, individuals and businesses own and control property and resources, and they operate in a competitive market aimed at generating profits. This system encourages entrepreneurship and innovation, as people are motivated to create goods and services that fulfill consumer needs while also pursuing their financial interests.

In capitalism, the role of the government is generally limited in terms of intervention in economic activities, allowing market forces to shape supply, demand, and pricing. This individualistic approach contrasts sharply with other economic systems, where ownership and profit motives may be less emphasized or entirely absent, leading to different economic structures and social relations.

For example, mercantilism is rooted in state control of trade and the accumulation of wealth through trade regulations and tariffs. Feudalism entails a system of reciprocal obligations primarily tied to land ownership and services, with a focus on agriculture rather than profit. Socialism advocates for collective or governmental ownership of the means of production, emphasizing equality and the distribution of resources over individual profit motives. In summary, capitalism uniquely centers on private ownership and the pursuit of personal profit, distinguishing it from the other economic systems listed.