Phelps frydman

"Capitalism is a system of largely private ownership that is open to new ideas, new firms and new owners —in short, to new capital." " Capitalism’s rationale to proponents and critics alike has long been recognized to be its dynamism, that is, its innovations and, more subtly, its selectiveness in the innovations it tries out." " At the same time, capitalism is also known for its tendency to generate instability, often associated with the existence of financial crises, job insecurity and failures to include the disadvantaged."