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Capitalism |
Also found in: Encyclopedia, Wikipedia, Hutchinson | 0.10 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. |
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| The award is given to an individual who promotes the free enterprise system and who supports the ideas of smaller government, lower taxes and less regulation. NRCC Chairman Tom Reynolds said the award is given to a select group of business and community leaders from each state who have championed the free enterprise system and supported the ideals of smaller government, lower taxes and less regulation. Yet, our free enterprise system works well when there is balance of power between the board and management. |
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Free enterprise system
