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Second is that the only organization in this “free market” is set by the interaction of the buyers and sellers themselves. Third according to Encarta online is the principle of self interest. Anyone is free to pursue their own self-interests in seeking maximum gain from the use of their recourses and labor in production. This is also called consumer sovereignty. “If competition is present economic activity will be self regulated therefore only minimum government supervision is required” (Wikipedia Pg. 2).
Capitalism is a result of a long historical process. Feudalism is one of the beginning stages of the capitalist evolution...
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