Capitalism

Capitalism as an economic system is the central feature of economic modernity. No other way of organizing a modern economy has proved successful. Libertarians broadly support and defend it against its critics while arguing for a purer, less compromised version.

Capitalism is a term widely used in contemporary economic and political debate. Originally pejorative, since the 1960s it has become a neutral term, employed by both supporters and critics of the phenomenon it describes. Broadly, capitalism is used to mean an economic system in which the means of production (accumulated assets or capital) are privately owned and in which the use made of those assets in the productive process is determined by the choices made by their owners. A second part of the definition, used more ...