Capitalism is an economic system characterized by private ownership of resources and means of production, driven by profit maximization and competition. In a capitalist society, individuals have the freedom to own property, engage in voluntary trade, and pursue their self-interests. Prices and the allocation of resources are determined by supply and demand in a free market. Supporters argue that capitalism promotes innovation, efficiency, and individual freedom. However, critics claim that it leads to income inequality, exploitation, and lack of social equality. Capitalism has been the dominant economic system in many countries, including the United States.