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- An economic system in which the factors of production are privately owned and individual owners of capital are free to make use of it as they see fit; in particular, for their own profit.
www.oxfordreference.com/display/10.1093/oi/authority.20110803095547664
CAPITALISM is often thought of as an economic system in which private actors own and control property in accord with their interests, and de-mand 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.
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Feb 19, 2013 · 'Capitalism' is an ideal type system which Marx conceives as opposed to the latter and which is characterized by: the division of labour and the means of production; private property of the means...
What Is Capitalism? Before we entrust the education of the nation’s roughly 47 million school-aged children to the institutions and processes of capi-talism, it is valuable to review how capitalism works and what distinguishes it from other types of economic systems.
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1. What Does Capitalism Mean? The Emergence of a Controversial Concept. Capitalism is a controversial concept. Many scholars avoid it. To them it seems too polemical, since it emerged as a term of critique and was used that way for decades. The term is defined in different ways, and frequently not de-fined at all.
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simple definition. The Macmillan Dictionary of Modern Economics defines capitalism as a: Political, social, and economic system in which property, including capital assets, is owned and controlled for the most part by private persons. Capitalism contrasts with an earlier economic system, feudalism, in that it is
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Our twin objectives of a definition of capitalism, which is (a) helpful to determine the extent to which an economy or social formation is capitalist and (b) capable of capturing the varie-ties of capitalism in existence, require a different approach, which we present in the next section.
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trace progression up to the “Promised Land” of capitalism in America. Adopting a wide geographical coverage and comparative perspective, the international team of authors discuss the contributions of Greek, Roman, and Asian civilizations to the development of capitalism, as well as the Chinese, Indian, and Arab empires.
