Glossary of Terms - Capitalism |
Capitalism
: Capitalism refers to a type
of social government in which most or all
means of production and distribution of
goods and services is privately held by
either individuals or corporations. The
economic system of capitalism is based on
the idea of a free market in which goods
and services are traded openly and where
prices and value find balance according
to supply and demand rather than set costs.
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In theory,
capitalism promotes competition, development,
profit, private ownership, and investment
between individuals and businesses. In the
capitalist society, individuals are free
to own, trade, sell, and buy without government
interference or control. Most of the world
now operates in a capitalist market where
goods and services are traded within and
across borders.
Although some forms of capitalism and free
trade have been around for many centuries,
the current structure of capitalism began
in the late 16th century and developed until
the 19th century. It came about after the
fall of feudalistic social structures in
Europe when economists were researching
alternative economic conditions.
Also called : Free Market Economy
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or Billionaires.
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