<P> Historically , capitalism has an ability to promote economic growth as measured by gross domestic product ( GDP ) , capacity utilization or standard of living . This argument was central , for example , to Adam Smith 's advocacy of letting a free market control production and price and allocate resources . Many theorists have noted that this increase in global GDP over time coincides with the emergence of the modern world capitalist system . </P>
<P> Historically , capitalism has an ability to promote economic growth as measured by gross domestic product ( GDP ) , capacity utilization or standard of living . This argument was central , for example , to Adam Smith 's advocacy of letting a free market control production and price and allocate resources . Many theorists have noted that this increase in global GDP over time coincides with the emergence of the modern world capitalist system . </P>
who controls the economic activity in a capitalist system
who controls the economic activity in a capitalist system
a free market
a free market