Before revision: Central characteristics of capitalism include capital accumulation, competitive markets, price systems, private property, recognition of property rights, self-interest, economic freedom, meritocracy, work ethic, consumer sovereignty, profit motive, entrepreneurship, commodification, voluntary exchange, wage labor, production of commodities and services, and focus on economic growth.
After revision: innovation, economic efficiency andCentral characteristics of capitalism include capital accumulation, competitive markets, price systems, private property, recognition of property rights, self-interest, economic freedom, meritocracy, work ethic, consumer sovereignty, profit motive, entrepreneurship, commodification, voluntary exchange, wage labor, production of commodities and services, and focus on economic growth.