capitalism

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Capitalism

The economic system in which the means of production is privately held. In capitalism, the most important means of production is money rather than land (as in feudalism) or labor (as in socialism). That is, the ability to raise and use money for the production of goods and services is more important than owning the land from which goods come, or the ability to work in order to create a good or service. As a result, government policies generally target the regulation (or not) of money and its uses rather than those of property and/or labor. While capitalism is often associated with laissez-faire policies, governments often involve themselves in capitalist countries. The appropriate amount of government intervention in a capitalist system remains hotly debated.

capitalism

see PRIVATE-ENTERPRISE ECONOMY
References in periodicals archive ?
The popularization of a political rhetoric based on the concept of totalitarianism was also a tactically brilliant move in the early years of the Cold War, for it allowed the advocates of liberal capitalism to build upon the pre-existing critique of fascism elaborated during the Second World War while redirecting its animus toward the Soviet Union and its allies.
As a result, the intellectual foundations for alternatives to capitalism were absent and so, over time, more and more of the world would come to embrace liberal capitalism and to adopt economic and political regimes that would resemble, more or less, those of liberal capitalism.
Developing economies, by contrast, tend to be more distinctive sociologically while also being marked by cultures and popular attitudes that are hostile or skeptical toward capitalism.
In an invidious and oft-repeated comparison, he portrays global capitalism and the now-defunct ideal of collectivism as two sides of the same rationalist coin: "Even though a global free market cannot be reconciled with any kind of planned economy, what these Utopias have in common is more fundamental than their differences.
Meanwhile, Gray argues, in familiar globalphobic fashion, that the world economy today follows a kind of "Gresham's Law," in which "bad" capitalism drives out "good.
Through all his zigs and zags, he is steadfast in his loathing of American-style capitalism as it has emerged during the past couple of decades.