Capitalist Countries 2020

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Capitalism is an ideology where the means of production is controlled by private business. This means that individual citizens run the economy without the government interfering in production or pricing. Instead, pricing is set by the free market. This means that value is based on supply and demand and the relationship between producers and consumers.

This ideology is very different from socialism and communism, whereas the government takes control of the economy. The United States is one of the countries with a capitalist economy, which many citizens see as an essential part of democracy and building the "American Dream." However, despite being one of the most well-known capitalist countries, the United States is not even in the top 10 list of most capitalistic countries, according to The Heritage Foundation and Global Finance Magazine reports.

There are benefits and drawbacks to a capitalist economy. As far as the positive aspects, capitalism often drives the best products at the best prices. With capitalism, economic growth and innovation are also benefits. As far as drawbacks, capitalism has a few. One of the most significant disadvantages is that it does not provide for anyone that does not have skills. It also does not promote equality of opportunity. In short, some people may not get the opportunities that others receive.

According to the 2020 Economic Freedom of the World Index, the top 10 capitalist countries (ranked from highest score to lowest):

  1. Hong Kong
  2. Singapore
  3. New Zealand
  4. Switzerland
  5. Australia
  6. United States
  7. Mauritius
  8. Georgia
  9. Canada
  10. Ireland

Is America capitalist? The United States is referred to as a mixed market economy, meaning that it has characteristics of capitalism and socialism. The United States is a capitalist society where means of production are based on private ownership and operation for profit. The United States is not a totally capitalist society, however, because the economy has regulations, taxation, and some subsidization. The U.S. government has always had some role in the economy, but the economy was closer to a truly free market during some periods. The government has at least some partial control over education, roads, health care, and postal deliveries and provides subsidies to oil companies, financial companies, and agricultural producers. Additionally, private businesses must register with government agencies, and certain types of companies need government-approved licenses.

Is Russia capitalist? Some state that Russia is a state capitalist society and others state that Russia is a "mixed market" economy. State capitalism is an economic system in which the state undertakes for-profit economic activity, and the means of production are state-owned enterprises. The state controls approximately 55% of Russia's economy, and the government directly employs 20 million workers (28% of the workforce). Additionally, the existence of oligarchs in Russia makes the country non-capitalist.

Is Japan capitalist? Japan is a capitalist country in the form of collective capitalism. In Japan's collective capitalist system, workers are usually compensated with job security, pensions, and social protection by their employers in return for loyalty and hard work. Collective capitalism focuses on long-term relationships, such as companies owning shares in other companies, resulting in cooperation between companies since they are interested in each other's performances.

No country in the world has ever achieved a totally capitalist, "laissez-faire," or a free-market economy. Mostly all capitalist economies are mixed.

Capitalist Countries 2020

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Capitalist Countries 2020

Rank Country Economic Freedom Score Population 2020
1Hong Kong8.947,496,981
2Singapore8.655,850,342
3New Zealand8.534,822,233
4Switzerland8.438,654,622
5Australia8.2325,499,884
6United States8.22331,002,651
7Mauritius8.211,271,768
8Georgia8.183,989,167
9Canada8.1737,742,154
10Ireland8.134,937,786
11Lithuania8.12,722,289
12Denmark8.15,792,202
13United Kingdom8.0867,886,011
14Estonia7.961,326,535
15Chile7.9619,116,201
16Malta7.94441,543
17Taiwan7.9423,816,775
18Armenia7.922,963,243
19Latvia7.891,886,198
20Japan7.88126,476,461
21Germany7.8583,783,942
22Cyprus7.841,207,359
23Romania7.8319,237,691
24Netherlands7.8217,134,872
25Czech Republic7.8110,708,981
26Albania7.82,877,797
27Panama7.84,314,767
28Austria7.89,006,398
29Finland7.765,540,720
30Peru7.7632,971,854
31Luxembourg7.75625,978
32Bulgaria7.746,948,445
33Spain7.7346,754,778
34Iceland7.71341,243
35Guatemala7.717,915,568
36Jamaica7.692,961,167
37South Korea7.6951,269,185
38Slovakia7.635,459,642
39Costa Rica7.625,094,118
40Israel7.628,655,535
41Jordan7.6210,203,134
42Botswana7.62,351,627
43Norway7.65,421,241
44Portugal7.610,196,709
45Sweden7.5810,099,265
46Dominican Republic7.5810,847,910
47Malaysia7.5832,365,999
48Belgium7.5611,589,623
49Uganda7.5545,741,007
50Italy7.5160,461,826
51Seychelles7.4998,347
52Hungary7.449,660,351
53Mongolia7.433,278,290
54Philippines7.43109,581,078
55El Salvador7.416,486,205
56France7.465,273,511
57Rwanda7.3912,952,218
58Indonesia7.39273,523,615
59Croatia7.364,105,267
60Slovenia7.332,078,938
61Honduras7.289,904,607
62Cambodia7.2816,718,965
63Trinidad And Tobago7.261,399,488
64Uruguay7.253,473,730
65Paraguay7.237,132,538
66Mexico7.21128,932,753
67Zambia7.1918,383,955
68Bahrain7.161,701,575
69Kazakhstan7.1218,776,707
70Nicaragua7.056,624,554
71Serbia7.058,737,371
72United Arab Emirates7.059,890,402
73Poland7.0437,846,611
74Moldova6.994,033,963
75Kyrgyzstan6.996,524,195
76Montenegro6.94628,066
77Nigeria6.93206,139,589
78Qatar6.882,881,053
79Lebanon6.886,825,445
80Sri Lanka6.8821,413,249
81Kenya6.8453,771,296
82Oman6.795,106,626
83Thailand6.7569,799,978
84Russia6.74145,934,462
85South Africa6.7359,308,690
86Tanzania6.7359,734,218
87Greece6.7110,423,054
88Colombia6.7150,882,891
89Morocco6.736,910,560
90Guyana6.68786,552
91Lesotho6.652,142,249
92Ghana6.6531,072,940
93Bhutan6.63771,608
94Laos6.627,275,560
95Turkey6.6284,339,067
96Belize6.6397,628
97Kuwait6.64,270,571
98Haiti6.5811,402,528
99Brazil6.56212,559,417
100India6.561,380,004,385
101Namibia6.522,540,905
102Fiji6.5896,445
103Nepal6.4829,136,808
104Ecuador6.4617,643,054
105Papua New Guinea6.398,947,024
106Suriname6.37586,632
107Azerbaijan6.3710,139,177
108Belarus6.359,449,323
109Saudi Arabia6.3134,813,871
110Bolivia6.311,673,021
111Timor Leste6.291,318,445
112Liberia6.285,057,681
113Senegal6.2716,743,927
114Togo6.258,278,724
115Barbados6.22287,375
116Mauritania6.224,649,658
117China6.211,439,323,776
118Benin6.212,123,200
119Madagascar6.227,691,018
120Vietnam6.297,338,579
121Tunisia6.0711,818,619
122Pakistan6.07220,892,340
123Ukraine6.0643,733,762
124Tajikistan6.059,537,645
125Burundi5.9411,890,784
126Mozambique5.9431,255,435
127Mali5.9320,250,833
128Sierra Leone5.877,976,983
129Gabon5.862,225,734
130Burkina Faso5.8520,903,273
131Cameroon5.8526,545,863
132Myanmar5.8154,409,800
133Malawi5.7919,129,952
134Argentina5.7845,195,774
135Chad5.7116,425,864
136Iraq5.6140,222,493
137Ethiopia5.61114,963,588
138Guinea5.5713,132,795
139Yemen5.5129,825,964
140Guinea Bissau5.461,968,001
141Syria5.4517,500,658
142Egypt5.38102,334,404
143Central African Republic5.274,829,767
144Zimbabwe5.1214,862,924
145Algeria4.9743,851,044
146Iran4.883,992,949
147Angola4.7532,866,272
148Libya4.726,871,292
149Sudan4.2143,849,260
150Venezuela3.3428,435,940