Which principle of capitalism is closely related to private ownership?

The principle of capitalism that is closely related to private ownership is individualism. In a capitalist system, individualism emphasizes the rights and freedoms of individuals to own private property and make independent economic choices. This principle allows individuals to invest in and manage their businesses, which is foundational to the functioning of a market economy.

Private ownership is a hallmark of individualism in capitalism, as it enables entrepreneurs to innovate, compete, and respond to consumer demands. The ability to own property and generate profits motivates individuals to work hard and contribute to economic growth. This contrasts with collectivism, which prioritizes group ownership and state or community control over resources. Similarly, central planning and socialism both advocate for reduced roles of private ownership in favor of government control and redistribution of resources. Thus, individualism stands out as the core principle supporting private ownership in a capitalist framework.