Capitalism (Economics)

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  • An economic and social system that encourages private ownership and means of production where personal profit can be acquired through investment of capital and employment of labor. Production is generally led, income distributed, and investments, distribution, and pricing of goods and services determined through the operation of markets. The term is said to have been first cited in 1854, while the term capitalist emerged in 1792 but was first used in its modern sense by Werner Sombart in the early 20th century in his book Der Moderne Kapitalismus (1916). Capitalism is considered synonymous with a laissez-faire economy, private enterprise system, and free-price system.

    Along with the institution of private property, capitalism, as a term, is believed to have been brought into formal existence between the late ...

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