Which economic system is characterized by private ownership and free market?

The economic system characterized by private ownership and a free market is capitalism. In capitalism, individuals and businesses own private property and engage in economic activities such as production and trade with minimal government intervention. Prices and the distribution of goods and services in a capitalist economy are largely determined by supply and demand in free markets, allowing for competition and innovation.

This system encourages investment and wealth generation, as individuals are motivated to maximize their profits. Capitalism is typically associated with democratic political systems, although it can exist in various forms alongside different political ideologies.

The other economic systems mentioned do not embody this characteristic of private ownership and free markets. Socialism emphasizes collective ownership and the distribution of resources to ensure equality, while communism advocates for a classless society with communal ownership of all property. Fascism combines authoritarian government control with a degree of private enterprise but does not prioritize free market principles in the same way capitalism does.