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Is the UK a capitalist country?

14 Jul 2022 By PAYCEC

The UK is by definition a capitalist nation. The majority of the production factors in its economy can be owned by private individuals, and it is based on free-market transactions. Actually, it may be claimed that the US, UK, EU, and Japan are the majority capitalist nations around the globe.

The UK market economy has been defined by private ownership of the means of production, the contemporary concept of capitalism, since the 16th century, though there were precedents in earlier times and flourishing pockets of capitalism during the later Middle Ages.

Disclaimer: The above information is from our research and opinion, you should read it for reference, and do not take it as an official source.

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