What has the commitment to a market/profit-based (capitalist) economy brought and cost those who lived here? and How (and why) did the US end up being a nation dedicated to a capitalist economy?

A market/profit –based (capitalist) economy is an economic system where business owners and control capital goods, such as factories determine production and resource allocation. The shift towards a capitalist economy system in the U.S. was influenced by the desire for political, religious and economic freedom (American Yawp Collective, 2013). Profit-based economy has brought about significant benefits to the U.S. One of the key benefits is economic growth. This has led to higher living standards and increased access to goods and services. Additionally, capitalism has led to innovation and improved productivity, fostering technological advancements and efficiency. The economy has also enhanced freedom by giving people the ability to make choices in the free market regime.

However, these gains have not come without a cost. Capitalism can inflame economic inequality, with wealth concentrated in the hands of a few while many struggle to make ends meet (American Yawp Collective, 2013). The economic system can also lead to exploitation of labor, seen in provision of low wages, unsafe working conditions and limited benefits. Another cost is the systemic marginalization of certain groups such the immigrants and indigenous people.

The U.S became committed to capitalist economy due to its ability to incentivize investment, foster innovation and drive economic growth. The capitalist system was developed through a set of factors such as the American Revolution, the rise of a strong federal government and the industrial revolution (American Yawp Collective, 2013). The system has aligned with the national ideas of liberty and self-reliance, becoming deeply embedded in the American identity and institutional structure.