What is the economic system in the United States?

The economic system in the United States is primarily characterized as a capitalist economy. This means that the means of production and distribution are largely owned and operated by private individuals and businesses, rather than the state. In a capitalist economy, the decisions regarding investment, production, and distribution are driven by the market forces of supply and demand. This system encourages competition, innovation, and individual entrepreneurship, which are key drivers of economic growth and prosperity.

While certain safety nets and regulations exist to mitigate risks and provide public welfare, the core of the U.S. economy is based on the principles of capitalism. This allows for a diverse range of goods and services, as well as economic freedom for individuals to pursue various business ventures. The presence of some government regulations does indicate elements of a mixed economy, where both the private sector and government play roles, but the overarching system remains capitalist in nature.