capitalism
UK: ˈkæp.ɪ.təl.ɪ.zəm | US: ˈkæp.ə.t̬əl.ɪ.zəm
n. An economic system characterized by private ownership of production means and profit-driven market competition.
n. A societal structure prioritizing capital accumulation and investment.
capitalism = capital<wealth> + ism<system/doctrine>
- capital: From Latin caput (head), later capitalis (wealth, property). Reflects the concept of wealth as the "head" or primary resource.
- ism: A suffix denoting a system, practice, or ideology (e.g., socialism, liberalism).
Etymology Origin:
The term emerged in the mid-19th century, combining capital (rooted in the idea of wealth as the "head" of economic activity) with -ism to formalize the economic doctrine. It contrasts feudal and socialist systems by emphasizing private ownership and free markets.
Capitalism encourages innovation through competition.
Critics argue that capitalism exacerbates income inequality.
The Industrial Revolution accelerated the growth of capitalism.
Many countries blend capitalism with social welfare policies.
His book analyzes the historical roots of modern capitalism.