Which of the following allows the concentration of wealth in private hands?
Answer Details
Capitalism is the economic system that allows the concentration of wealth in private hands. In a capitalist system, individuals and private companies own and control the means of production, such as land, factories, and businesses, and are motivated by profit. This means that some people and companies may become very wealthy, while others may struggle to make ends meet. Unlike in socialism or communism, where the government owns and controls the means of production, in capitalism, the government generally plays a minimal role in the economy, allowing the free market to determine the distribution of wealth. However, it is worth noting that the concentration of wealth in private hands is not necessarily inherent to capitalism, and many capitalist countries have implemented policies and regulations to mitigate this issue.