Capitalism

Wednesday 14^th September 2016

Capitalism /ˈkæpɪtəˌlɪzəm/

Noun

1. Also called free enterprise, private enterprise. an economic system

based on the private ownership of the means of production,

distribution, and exchange, characterised by the freedom of capitalists

to operate or manage their property for profit in competitive conditions

Compare socialism

Quote

“History suggests only that capitalism is a necessary condition for political

freedom. Clearly it is not a sufficient condition.“ 
—Milton Friedman, Capitalism and Freedom (1962)

Origin

1854 - "condition of having capital;" from capital + -ism. Meaning

"political/economic system which encourages capitalists" is recorded from1872.

Thanks to: www.dictionary.com