Which system is characterized by private ownership of production?

The system characterized by private ownership of production is capitalism. In capitalism, individuals or businesses own and control the means of production, which includes factories, land, and resources. This ownership allows them to make decisions about how to produce goods and services, set prices, and compete in the marketplace. The emphasis on private property and the profit motive drives innovation and economic growth within this system.

In contrast, socialism is characterized by collective or government ownership of the means of production, aimed at reducing inequality and providing for the welfare of all rather than individual profit. Communism takes this a step further, promoting a classless society where all property is communally owned and there is no state. Feudalism, which historically preceded capitalism, was based on a rigid social hierarchy where land ownership was concentrated in the hands of a few nobles, with peasants working the land in exchange for protection. Each of these systems differs fundamentally from capitalism in terms of ownership and economic structure.