What statement creates the best picture of capitalism?
1. Financial capitalism developed in the period immediately prior to renaissance
2. Mercantile capitalism emerged in the United States in the period directly following the civil war
3. In state welfare capitalism the government plays an active role in regulating economic activities in an effort to smooth out the boom and bust pattern of the business cycle.
4. Industrial capitalism is characterized by pools trusts holding companies and an interpenetration of industrial interests and banking insurance.
PLEASE EXPLAIN YOUR ANSWER CHOICE