What is capitalism in Oxford dictionary?

What is capitalism in Oxford dictionary?

A typical dictionary definition of the term is “an economic system characterized by private or corporation ownership of capital goods, by investments that are determined by private decision rather than by state control, and by prices, production and the distribution of goods determined mainly in a free market”— …

What is capitalism Cambridge Dictionary?

the economic, political, and social system that is based on property, business, and industry being privately owned, and is directed towards making the greatest possible profits for private people and organizations: Under capitalism, people are motivated by the idea of personal profit and success.

Which is the best definition of the word capitalism?

[kap-i-tl-iz-uh m] See more synonyms for capitalism on Thesaurus.com. noun. an economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations, especially as contrasted to cooperatively or state-owned means of wealth.

How is capitalism an economic and social system?

Capitalism is an economic and social system in which participants privately own the means of production — called capital. Free market competition, not a central government or regulating body, dictates production levels and prices.

Which is the opposite of a capitalist economy?

Capitalism works by encouraging competition in a fair and open market. Its opposite is often said to be socialism. Where a capitalist economy encourages private actions and ownership, socialism prefers public or government ownership and control of parts of the economy.

What is the role of government in capitalism?

Competition forces companies to keep prices low to attract consumers. The role of government in a capitalist society is to protect the legal rights of actors in the economy, not to regulate the free market system. In capitalism, the most effective companies are those that create the greatest amount of utility.