capitalism

Definition of capitalism in English English dictionary: 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 an unregulated market; 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 an unregulated market; a specific variation or implementation of either such socio-economic system; Capitalism is an economic and political system in which property, business, and industry are owned by private individuals and not by the state. the return of capitalism to Hungary. an economic and political system in which businesses belong mostly to private owners, not to the government communism, socialism socialism. or free-market economy or free-enterprise system Economic system in which most of the means of production are privately owned, and production is guided and income distributed largely through the operation of markets. Capitalism has been dominant in the Western world since the end of mercantilism. It was fostered by the Reformation, which sanctioned hard work and frugality, and by the rise of industry during the Industrial Revolution, especially the English textile industry (16th-18th centuries). Unlike earlier systems, capitalism used the excess of production over consumption to enlarge productive capacity rather than investing it in economically unproductive enterprises such as palaces or cathedrals. The strong national states of the mercantilist era provided the social conditions, such as uniform monetary systems and legal codes, necessary for the rise of capitalism. The ideology of classical capitalism was expressed in Adam Smith's Wealth of Nations (1776), and Smith's free-market theories were widely adopted in the 19th century. In the 20th century the Great Depression effectively ended laissez-faire economics in most countries, but the demise of the state-run command economies of eastern Europe and the former Soviet Union (see communism) and the adoption of some free-market principles in China left capitalism unrivaled (if not untroubled) by the beginning of the 21st century; A socio-economic system characterized by private initiative and the private ownership of factors of production In such a system individuals have the right to own and use wealth to earn income and to sell and purchase labor for wages Furthermore, capitalism is predicated on a relative absence of governmental control of the economy The function of regulating the economy is achieved largely through the operation of market forces, whereby the price mechanism acts as a signalling system which determines the allocation of resources and their uses; An economic system characterized by private ownership of businesses and marketplace competition; An economic concept of civilization that is based on the private ownership (and control) of the means of production Such an institutional situation permits and inevitably encourages the division of labor, economic calculation, capital accumulation, technological improvement and the voluntary social cooperation of a market economy in which mass production is designed for the consumption of the sovereign masses Capitalism is the antithesis of statism, socialism and communism which are based on government ownership (or control) of the means of production AC 1-33, 48-112; B 10, 18, 20-39, 67, 93, 105, 118-19; OG 49-50, 284; An economic system in which markets decide what, when, and for whom to produce; The economic system based on the inviolability of individual private property, profit, wage labor, and the primacy of market exchange; Economic system in which goods and services are produced, exchanged and owned by individuals with minimal governmental regulation; an economic system characterized by private or corporate ownership of capital goods by investments that are determined by private decision rather than by state-control, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market; An economic system where people own things Some people have money; some don't The idea is that what is needed more at the time is worth more; 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 free market rather than by state control; An economic system in which most of the economy's resources are privately owned and managed; An economic system of private ownership of capital In other economic systems, the government or other groups own some or all capital <top>; economic system in which private individuals own and control the production and distribution of goods and wealth in a country; Economic system in which property is privately owned and goods are privately produced It is sometimes referred to as the private enterprise system; capitalism is an economic system in which most of the production process is controlled by private firms operating in markets with minimal government control The investors in these firms (called "capitalists") own the firms; economic system based on the private ownership of the means of production, distribution and exchange; An economic system in which investments in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations, esp as contrasted to cooperatively or state-owned means of wealth [W]; An economic system characterized by private ownership of the means of production, from which personal profits can be derived through market competition and without government intervention; Genus: A social system Differentia: Based on individual rights including property rights, meaning that all property is privately owned Link: Article; a socio-economic system based on the abstraction of resources into the form of capital, whether privately or state owned and regulated; An economic system based on a free market, open competition, profit motive and private ownership of the means of production The market determines the type, quantity, and price of goods The government is to avoid interfering in the economy The United States has a capitalistic system (See COMMUNISM; SOCIALISM); A system of economic organization characterized by the private ownership of the means of production, private property, and largely market-based control over the production and distribution of goods and services; The economic system which permits anyone with money to employ it as he sees fit, on the argument that the greatest collective good is obtained when individuals advance their private interests; an economic system based on private ownership of capital; an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market; a system of production of goods and services for market exchange in order to make a profit In a capitalist system of production the means of production are owned privately, by the capitalist class (bourgeoisie) The working class (proletariat) sells their labour power to the owners of the means of production Capitalism thus represents both an economic and a social system based on different social classes; {i} economic system based on competition between businesses; An economic system in which the means of production are largely in private hands and the main incentive for economic activity is the accumulation of profits (See 193, 354); That organization of society, incorporating elements of tax, usury, landlordism, and tariff, which thus denies the Free Market while pretending to exemplify it; an economic system in which the means of production and distribution are privately or corporately owned and development is proportionate to the accumulation and reinvestment of profits gained in a free market
anarcho-capitalism: A philosophy that advocates the self-ownership of the individuals and the elimination of the state and the provision of all governmental services by self-regulating free market competitors
guided capitalism: A capitalist economic system with some variety of state guidance
He calls it a guided capitalism. I think of it more as corporate capitalism. Singapore is run much as one would run one of the corporate elephants,.
corporate capitalism: Corporate capitalism is a form of capitalism where all or most of the means of production are owned by corporations (where individuals own a means of production collectively in tradeable shares as stockholders)
crony capitalism: Crony capitalism is a pejorative term describing an allegedly capitalist economy in which success in business depends on close relationships between businessmen and government officials. It may be exhibited by favoritism in the distribution of legal permits, government grants, special tax breaks, and so forth
state capitalism: an economic system that is primarily capitalistic but there is some degree of government ownership of the means of production

capitalism

Hyphenation

cap·i·tal·i·sm

Turkish pronunciation

käpîtılîzım

Synonyms

commercialism, competition, democracy, free enterprise, free market, industrialism, laissez faire economics, mercantilism, private enterprise

Antonyms

communism

Pronunciation

/ˈkapətəˌləzəm/ /ˈkæpɪtəˌlɪzəm/

Etymology

() From the Latin capitalis via the English root capital First used by novelist William Thackeray in 1854 to mean "owners of capital", within a few years was being used by both Pierre Proudhon and Karl Marx as a pejorative for property-based, free market economics. Eventually caught on to widespread use politically, whether seen as good or bad.

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