Capitalism

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Capitalism

Definition

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Capitalism is an economic system based on the private ownership of capital goods and the means of production, with the creation of goods and services for profit. Elements central to capitalism include capital accumulation, competitive markets, and a price system. There are multiple variants of capitalism, including laissez-faire, welfare capitalism, and state capitalism. Capitalism is considered to have been applied in a variety of historical cases, varying in time, geography, politics, and culture. There is general agreement that capitalism became dominant in the Western world following the demise of feudalism. Economists and historians have taken different perspectives on the analysis of capitalism. Economists usually emphasize the degree to which government does not have control over markets, as well as the importance of property rights. Most political economists emphasize private property as well, in addition to power relations, wage labor, class, and the uniqueness of capitalism as a historical formation. The extent to which different markets are free, as well as the rules defining private property, is a matter of politics and policy. Many states have what are termed mixed economies, referring to the varying degree of planned and market-driven elements in an economic system. In the 20th century defenders of the capitalist system often replaced the terms capitalism with phrases such as free enterprise and private enterprise and capitalist with investor or rentier in reaction to the negative connotations sometimes associated with capitalism. The term capitalism, in its modern sense, comes from the writings of Karl Marx.

English Wikipedia http://en.wikipedia.org/wiki/Capitalism

Spanish wikipedia http://es.wikipedia.org/wiki/Capitalismo

Wiki page external link http://capitalism.columbia.edu/ http://capitalism.wfu.edu/ http://www.commonwealthclub.org/events/archive/podcast/dr-yaron-brook-and-dr-david-callahan-capitalism-moral-debate-102212