Discipline: Economics

Capitalism is an economic system under which the means of production and distribution are owned by individuals, and not the state.

In a capitalist economy, individuals (or the businesses they form) compete with each other in an effort to generate profits. The right to private ownership is central to capitalism, and economic affairs are not centrally-planned. State intervention and activities are on a minimum level, and is mostly limited to security affairs - as in the police or the armed forces.

Also see: communism, socialism


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