The economic system of the United States is principally privately owned.

This
system is often referred to as the “free enterprise system” and can be contrasted
to a socialist economy, which depends heavily on government planning and on
public ownership of the means of production. It should be noted that although
the United States operates a system of private enterprise, government has to
some extent always been involved in regulating and guiding the American
economy. Yet despite this history of government intervention, individuals in the
United States have always been able to choose for whom they will work and
what they will buy. Most important, they vote for officials who will set
economic policy.