The economic system that emphasizes the private ownership of most factors of production is capitalism. In a capitalist economy, individuals and businesses own the resources and means of production, such as land, labor, and capital, rather than the state or government.
Capitalism allows for free markets where prices are determined by supply and demand. This system encourages competition and innovation, as businesses strive to attract consumers by offering better products and services. In addition to this, capitalism promotes personal freedom and economic opportunity, as individuals have the right to start their own businesses and make choices about their investments.
However, capitalism also has its downsides, such as income inequality and market failures. Critics argue that without regulation, capitalistic systems can lead to monopolies, exploitation of workers, and environmental degradation. Despite these challenges, capitalism remains a dominant economic system in many parts of the world due to its ability to drive economic growth and improve living standards.