CAPITALISM

n. in economics, refers to a free-market system which emphasizes on private ownership and individual enterprise. Here, there is either private or corporate ownership over the business and its capital, including its income and profit, in contrast to that which is state- or government-controlled. Compare socialism- also communism.

CAPITALISM: "Capitalism focuses on the person as an independent business owner or, in other words, an entrepreneur."
Cite this page: N., Pam M.S., "CAPITALISM," in PsychologyDictionary.org, April 7, 2013, https://psychologydictionary.org/capitalism/ (accessed January 19, 2020).
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