Merriam-Webster. Definition of CAPITALISM. December 2023. URL: https://www.merriam-webster.com/dictionary/capitalism (visited on 2023-12-10).
Capitalism is an economic system where capital goods are owned privately or corporately, and investments, prices, production, and distribution are driven by private decisions within a competitive free market. This system prioritizes efficiency, innovation, and wealth creation, leading to significant economic growth and technological advancements. However, capitalism can also result in inequalities and often neglects public welfare, leading to disparities in wealth and access to essential services. The system operates under the principle that market forces, rather than state interventions, are the most effective means of regulating the economy. As such, capitalism is a fundamental aspect of the economic framework in many countries, shaping their economic policies and global interactions.