CAPITALISM

Capitalism

Capitalism is an economic system in which trade, industry and the means of production are controlled by private owners with the goal of making profits in a market economy. Central characteristics of capitalism include capital accumulation, competitive markets and wage labor. In a capitalist economy, the parties to a transaction typically determine the prices at which assets, goods, and services are exchanged.

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capitalism

Noun

  1. a socio-economic system based on private property rights, including the private ownership of resources or capital, with economic decisions made largely through the operation of a market unregulated by the state.
  2. a socio-economic system based on the abstraction of resources into the form of privately owned capital, with economic decisions made largely through the operation of a market unregulated by the state.
  3. a specific variation or implementation of either such socio-economic system.


The above text is a snippet from Wiktionary: capitalism
and as such is available under the Creative Commons Attribution/Share-Alike License.

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