Capitalism

Capitalism is described in Webster's College Dictionary as “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.” This is in contrast to the main alternative to capitalism—socialism—that is defined as “a theory or system of social organization in which the means of production and distribution of goods are owned and controlled collectively or by the government.” There are many variations or types of capitalism and socialism both in theory and practice, and most countries in the world have mixed economies that have some elements of both production systems. These systems produce both public and private goods and services.

Capitalism can be described as a system: generally ...