Which country is an example of a capitalist economy?

South Korea is an example of a capitalist economy due to its market-oriented economic system that emphasizes private ownership, free markets, and competition. In South Korea, individuals and businesses have the freedom to make their own economic decisions regarding what to produce, how to produce it, and for whom it should be produced. The government maintains a regulatory role but does not control the means of production, allowing for innovation and entrepreneurship to thrive.

This capitalist structure has facilitated substantial economic growth and a rise in living standards, evidenced by South Korea's rapid industrialization and integration into the global market. The country has also embraced international trade, which is a hallmark of capitalist economies.

In contrast, North Korea and Cuba represent economies that are more centrally planned, where the government plays a predominant role in controlling production and distribution. While China incorporates some market-oriented reforms, it still maintains significant state control over major industries, which makes it more of a mixed economy than a purely capitalist one. Thus, South Korea stands out in this context as a clear example of a capitalist economy.