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Capitalism is the economic system which became dominant in the Western world after the end of [[feudalism]]. In this system, most of the means of production are privately owned and income is distributed largely through the operation of markets. Capitalism is widely attributed to [[Adam Smith]], often called "The Father of Capitalism." Modern-day capitalist thought is also influenced by later thinkers. Some, such as [[John Maynard Keynes]], have greatly modified the original theory.
Capitalism is a social system based on the recognition of individual rights, including property rights, in which all property is privately owned. Under capitalism the state is separated from economics (production and trade), just like the state is separated from religion. Capitalism is the system of of laissez faire. It is the system of political freedom.