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 ?
If the culture of the firm can focus lawyers' attention on the quality of their professional lives--where compensation is just one aspect, albeit an important aspect, in the life of the firm--then we may be able to tame that pure capitalist beast that we call the modern law firm.
On the other hand, pure capitalist theory saw labour as a commodity to be directed, and one of Hodgson's points is that the learning required now to do many jobs gives workers a large degree of functional independence--another element of the move to contract noted above.
It's this pure capitalist gospel of Forbes (backed up by some $20 million of his own campaign cash) that boosted the 48-year-old publisher into the political stratosphere early last month--that is, before his balloon came settling back down to a fourth-place showing in the Iowa caucuses and a similar performance in New Hampshire.
It is the income every pure capitalist receives by exchanging present goods (such as money) with the owners of the factors of production, for future goods derived from the product of their factor services.