This system was called the Capitalist System or Capitalism as we know it today
Explanation:
The basic principle of Capitalism is that every person has the right to invest and own their own business and generate profits for themselves. As long as the products and services being offered are legal.
Privacy property, job creation, a free-floating price system, accumulation of wealth and a competitive market are some characteristics of capitalism.
The United States government has long believed that free capitalism is the only way a country can prosper and provide opportunities for it's citizens
