Day 17 - Capitalism (Noun)
- An economic system in which a country’s businesses and industry are controlled and run for profit by private owners rather than by the government.
- 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.
- The growth of industrial capitalism in the West. (Oxford)
- UK Tony Blair claims that New Labour is the Third Way between capitalism and socialism.
Private enterprise, Free enterprise
Communism, Non-Market Economy