What is capitalism based on?

capitalism, economic system, dominant in the Western world since the breakup of feudalism, in which most means of production are privately owned and production is guided and income distributed largely through the operation of markets. Although the continuous development of capitalism as a system

How does capitalism work?

Capitalism is often thought of as an economic system in which private actors own and control property in accord with their interests, and demand and supply freely set prices in markets in a way that can serve the best interests of society. The essential feature of capitalism is the motive to make a profit.

What is capitalism economic system?

Capitalism is an economic system in which private individuals or businesses own capital goods. At the same time, business owners (capitalists) employ workers (labor) who receive only wages; labor doesn't own the means of production but instead uses them on behalf of the owners of capital.