Which principle of capitalism is closely related to private ownership?

The principle of capitalism that is closely related to private ownership is individualism. This concept emphasizes the rights and freedoms of individuals to own property, make economic decisions, and pursue their own interests. In a capitalist system, individual ownership of resources is a foundational pillar, allowing individuals to control their assets, engage freely in trade, and innovate without extensive government control or intervention.

Individualism promotes the idea that individuals, rather than the state or collectivist groups, should have the autonomy to make decisions regarding their labor, capital, and enterprises. This principle supports competition and entrepreneurship, vital for economic growth and efficiency, as people seek to maximize their benefits.

In contrast, the other concepts listed—collectivism, central planning, and socialism—focus on collective ownership or control over resources, which is antithetical to the core tenets of individual property rights inherent in capitalism. Thus, individualism is the key principle that aligns with private ownership in capitalism.