Micheal is reading a book on economics and comes across the principles of Capitalism and wants to know what they are. James looks at examples throughout history to answer his question.
Rayyan: Iran: 1999
Micheal reads about the first principle of Capitalism, Competition. Competition is the ability for different producers of the same or similar products to compete for consumers. An example of this is in South before the Civil War, because they had no competition then they could charge as much as they wanted
Karl Marx: The Communist Manifesto
Micheal reads further about the next principle of Capitalism, Freedom of Choice. Freedom of Choice means that workers have the Freedom to choose where they live, work, and what they can buy. An example of the contrary takes place in Kazakhstan where the government can tell people where and how much to work
Micheal: United States: 2018
Micheal reads on about the next principle of Capitalism, Private Property. Private Property is the right for non-government entities to have legal ownership. An example of this would be with Rayyan in Iran, Rayyan like many Muslims in Iran own a Quran and he legally owns that Quran.
Micheal reads about the next principle of Capitalism, Profit. Profit means that you have the right to keep the extra capital from what you sell. An example of this is in Karl Marx's book, The Communist Manifesto, in which Marx believes that the excessive profit of the bourgeoisie allows them to oppress the proletariat.
Micheal having learned the 4 principles of capitalism, is curious about the types of economies that humans have created.