"Capitalism is an economic system based on the private ownership of the means of production and their operation for profit."
An economic system in which private individuals or businesses own and control the means of production and distribution of goods and services.
Adam Smith and the Wealth of Nations: The seminal work that laid the groundwork for capitalism as we know it today.
The Industrial Revolution: This period in history saw a rapid increase in industrialization and technological advancements, which greatly contributed to the development of capitalism.
Free Market Economics: The theory that a market economy, with minimal government intervention, leads to the most efficient allocation of resources.
Property Rights: The legal ownership of property, including land, buildings, and intellectual property, is a key component of a capitalist system.
Market Competition: The competition among firms to sell their products or services in the market is an important aspect of capitalism, fostering innovation and efficiency.
Entrepreneurship: The ability to start and grow successful businesses is a driving force behind capitalism and an important part of economic growth.
Banking and Finance: Access to capital is critical for businesses to grow and innovate, and banking and finance play a significant role in a capitalist economy.
Globalization: The increasing interconnectedness of global markets and economies has greatly impacted the development and evolution of capitalism.
Labor and Employment: The relationship between workers and employers is an important aspect of capitalism, with issues such as minimum wage and workers' rights often at the forefront.
Economic Inequality: The distribution of wealth and income within a capitalist system can be a source of controversy, with some critics arguing that it perpetuates inequality and concentrates wealth in the hands of a few.
Government Intervention: The role of government in regulating and supporting the economy is a contentious issue in capitalist societies, with debates centering on the appropriate balance of regulation and intervention.
Innovation and Intellectual Property: The protection of innovation and intellectual property rights is an important aspect of capitalism, encouraging businesses to invest in research and development.
Consumerism: The culture of consumption and consumerism is often associated with capitalist societies, where consumer demand drives economic growth and investment.
Environmental Impacts: The environmental impact of capitalism and industrialization is an important consideration, with debates revolving around the balancing of economic growth and environmental sustainability.
Welfare and Social Programs: Capitalism often leads to economic growth, but critics argue that it often comes at the expense of vulnerable populations, leading to debates around social programs and welfare policies to ensure a more equitable distribution of wealth.
Laissez-faire capitalism: In this model, the markets are free, and the government does not interfere with the businesses. This model pursues economic freedom.
Crony capitalism: In this model, public and private sectors collude to benefit the elite class through rent-seeking practices and loopholes, at the expense of the common citizen.
Social market capitalism: This model combines elements of liberal capitalism and socialism, focusing on the social welfare of citizens through the provision of public goods, social security, and welfare systems.
State capitalism: A system in which the government owns a significant proportion of major industries with significant control over its operation and profits.
Mixed economy: A combination of the market economy and a government-controlled economy meant to produce a balance between efficiency and social welfare.
Humanistic capitalism: This model advocates for moral and ethical values in the pursuit of economic growth and innovation, seeking to prioritize the dignity of human life.
Technological state capitalism: A new model emerging in the digital era, where governments own and regulate major technology companies to ensure the public interest while adopting capitalist principles.
Inclusive capitalism: This model aims to reduce economic inequality by providing everyone with equal opportunities for wealth creation, regardless of their socio-economic status.
"Central characteristics of capitalism include capital accumulation, competitive markets, price systems, private property, property rights recognition, voluntary exchange, and wage labor."
"In a market economy, decision-making and investments are determined by owners of wealth, property, or ability to maneuver capital or production ability in capital and financial markets."
"Prices and the distribution of goods and services are mainly determined by competition in goods and services markets."
"These include laissez-faire or free-market capitalism, anarcho-capitalism, state capitalism, and welfare capitalism."
"Different forms of capitalism feature varying degrees of free markets, public ownership, obstacles to free competition, and state-sanctioned social policies."
"The extent to which different markets are free and the rules defining private property are matters of politics and policy."
"Most of the existing capitalist economies are mixed economies that combine elements of free markets with state intervention and in some cases economic planning."
"Capitalism in its modern form emerged out of agrarianism in 16th century England and mercantilist practices by European countries in the 16th to 18th centuries."
"The Industrial Revolution of the 18th century established capitalism as a dominant mode of production, characterized by factory work and a complex division of labor."
"Through the process of globalization, capitalism spread across the world in the 19th and 20th centuries, especially before World War I and after the end of the Cold War."
"Capitalism was largely unregulated by the state during the 19th century but became more regulated in the post-World War II period through Keynesianism."
"A return of more unregulated capitalism starting in the 1980s through neoliberalism."
"Market economies have existed under many forms of government and in many different times, places, and cultures."
"Modern industrial capitalist societies developed in Western Europe."
"They developed in a process that led to the Industrial Revolution."
"Economic growth is a characteristic tendency of capitalist economies."
"Capitalism originated from agrarianism in 16th century England and mercantilist practices."
"Capitalism evolved through the Industrial Revolution, globalization, and changes in regulation and economic ideologies."
"The degree of state intervention varies across different models of capitalism."