Capitalism

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This article is about an economic system. For other uses, see Capitalism
(disambiguation).
"Capitalist" redirects here. For other uses, see Capitalist (disambiguation).

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Economic systems

Major types

 Capitalism
 Socialism
 Communism

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Capitalism is an economic system based on the private ownership of the means of

production and their operation for profit.[1][2][3][4] Central characteristics of capitalism
include capital accumulation, competitive markets, price system, private
property, property rights recognition, voluntary exchange, and wage labor.[5][6] In
a capitalist market economy, decision-making and investments are determined by
owners of wealth, property, or ability to maneuver capital or production ability
in capital and financial markets—whereas prices and the distribution of goods and
services are mainly determined by competition in goods and services markets. [7]
Economists, historians, political economists and sociologists have adopted different
perspectives in their analyses of capitalism and have recognized various forms of it in
practice. These include laissez-faire or free-market capitalism, state
capitalism and welfare capitalism. Different forms of capitalism feature varying degrees
of free markets, public ownership,[8] obstacles to free competition and state-
sanctioned social policies. The degree of competition in markets and the role
of intervention and regulation as well as the scope of state ownership vary across
different models of capitalism.[9][10] The extent to which different markets are free and the
rules defining private property are matters of politics and policy. Most of the existing
capitalist economies are mixed economies that combine elements of free markets with
state intervention and in some cases economic planning.[11]
Market economies have existed under many forms of government and in many different
times, places and cultures. Modern capitalist societies developed in Western Europe in
a process that led to the Industrial Revolution. Capitalist systems with varying degrees
of direct government intervention have since become dominant in the Western
world and continue to spread. Economic growth is a characteristic tendency of capitalist
economies.[12]