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.
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capitalism

see PRIVATE-ENTERPRISE ECONOMY
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
Pure capitalist logic, after all, hardly explains why businessmen would relegate low-wage, semi-skilled jobs to women and skilled work to men, since people of each sex were variously endowed with different capacities and, arguably, could be exploited to best advantage as individuals rather than as members of a social category.
We believe that given some of the disturbing tendencies of the modern law firm--this pure capitalist model--we need to seed our law firm with people who believe that there are things about the profession and things about the practice of law that are more important than making money For that reason, it is very important to us to get as many lawyers as possible in our firm to do pro bono work and, to the extent practicable, to see those lawyers rise to positions of influence within our 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.