Definition: Capitalism

Capitalism - "the economic system dominant in the West since the breakup of feudalism from the 15th to the 18th centuries. Fundamental to this system are the relations between private owners and workers. The means of production are privately held, and legally free but capital-less workers sell their labor to employers. Private individuals operating for profit make production decisions." - source: Economic Development 4th Edition by E. Wayne Nafziger

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