According to the principles of capitalism, who owns the means of production?

In a capitalist system, the means of production—such as factories, machinery, and resources—are owned by private individuals or businesses. This ownership enables individuals or companies to produce goods and services with the aim of generating profit. By owning production resources, private entities can make decisions about how to invest, manage, and sell their products in the market, which distinguishes capitalism from other economic systems where ownership may be held by the state or cooperatives.

The essence of capitalism lies in the protection of private property rights and the encouragement of competition, which drive innovation and efficiency in the economy. This framework allows individuals to engage freely in economic activities and pursue their interests, contributing to overall economic growth. Without the private ownership of production, the fundamental characteristics of capitalism would not be present, making this understanding crucial in analyzing different economic systems.