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capitalism |
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capitalismEconomic system in which the principal means of production, distribution, and exchange are in private (individual or corporate) hands and competitively operated for profit. A mixed economy combines the private enterprise of capitalism and a degree of state monopoly, as in nationalized industries and welfare services. Most capitalist economies are actually mixed economies, but some (such as the US and Japanese) have a greater share of the economy devoted to free enterprise. |
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| Nevertheless, CPAs have a central role in assuring the integrity of the free-enterprise system. It is our responsibility to teach children about our free-enterprise system and stress to them that our way of life cannot be taken for granted -- it must be strengthened and molded constantly to meet the needs of an ever-changing world. For example, the system is not in tune with the forces of the free-enterprise system. |
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Free-enterprise system
