A-Z: General definitions: Capitalism

Definition

A way of organising an economy so that the things that are used to make and transport products (such as land, oil, factories, ships) are owned by individual people and companies rather than by the government. 

[Capitalism has been criticised for its focus on profit, and how that can lead to social and economic inequality. It is also criticised for its emphasis on consumption, as the constant purchase of goods and services is necessary for capitalism's success.] 

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