About Capitalism

Capitalism is an economic system that is based on private ownership of the means of production and the creation of goods or services for profit. Other elements central to capitalism include competitive markets, wage labor and capital accumulation. There are multiple variants of capitalism, including laissez-faire, welfare capitalism and state capitalism. Capitalism is considered to have been applied in a variety of historical cases, varying in time, geography, politics, and culture. There is general agreement that capitalism became dominant in the Western world following the demise of feudalism. Competitive markets may also be found in market-based alternatives to capitalism such as market socialism and co-operative economics. Economists, political economists and historians have taken different perspectives on the analysis of capitalism.

Contributions by, Slrubenstein, and Nikodemos.

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