Entity: CAPITALISM
Capitalism is an economic system characterized by private or corporate ownership of capital goods, investments determined by private decision, and prices, production, and distribution of goods mainly determined by competition in a free market.
CAPITALISM
Etymology
The term 'capitalism' originates from the Latin word 'capitalis', meaning 'of the head'.
Definition
Capitalism is an economic system characterized by private or corporate ownership of capital goods, investments determined by private decision, and prices, production, and distribution of goods mainly determined by competition in a free market.
Historical Context
Capitalism emerged in the 16th century, evolving from mercantilism and feudalism. It gained prominence during the Industrial Revolution, shaping modern economies.
Cultural Significance
Capitalism has influenced societal values, individual aspirations, and global trade. It has been both praised for promoting innovation and criticized for exacerbating inequality.
Related Concepts
Capitalism is often contrasted with socialism, where the means of production are owned by the state or community. It also intersects with concepts like free markets, entrepreneurship, and neoliberalism.
See Also
An economic system where investment in and ownership of the means of production, distribution, and exchange of wealth is primarily by private individuals or corporations.