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Capitalism |
Also found in: Encyclopedia, Wikipedia, Hutchinson | 0.03 sec. |
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Capitalism An economic system based on a free market, open competition, profit motive and private ownership of the means of production. Capitalism encourages private investment and business, compared to a government-controlled economy. Investors in these private companies (i.e. shareholders) also own the firms and are known as capitalists. Notes: In such a system, individuals and firms have the right to own and use wealth to earn income and to sell and purchase labor for wages with little or no government control. The function of regulating the economy is then achieved mainly through the operation of market forces where prices and profit dictate where and how resources are used and allocated. The U.S. is a capitalistic system.How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| David Kang, who wrote an article with two social scientists criticizing the notion of colonial legacies, examines the characteristics of capitalism in East Asia, particularly focusing on South Korea and the Philippines. This is simply because two of the fundamental characteristics of capitalism still predominate: the overwhelming presence of wage labour and the supremacy of commodity production. The fact (noted by Nell) that the paper antedates the fall of the Berlin Wall, in no way diminishes the relevance of the author's precision analysis of the operative characteristics of capitalism and socialism (as "pure" types of systems) and the instruments which each has developed to cope with the inherent problems that derive from the "demand constrained" character of capitalism and the "resource constrained" character of socialism. |
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Characteristics of capitalism
