Difference between revisions of "Capitalism"
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'''Capitalism''', also called '''free market economy''' is an economic system where the investment of capital, and production, distribution, income, and prices are determined not by government (as in a [[planned economy]]) but through the operation of a market where all decisions regarding transfer of money, goods (including capital goods), and services are voluntary rather than regulated and mandated by government. | '''Capitalism''', also called '''free market economy''' is an economic system where the investment of capital, and production, distribution, income, and prices are determined not by government (as in a [[planned economy]]) but through the operation of a market where all decisions regarding transfer of money, goods (including capital goods), and services are voluntary rather than regulated and mandated by government. | ||
| − | Since the fall of [[communism]], and the advent of information technology, capitalism is becoming increasingly | + | Since the fall of [[communism]], and the advent of information technology, capitalism is becoming increasingly widespread. |
Critics of capitalism, most famously [[Germany|German]] [[philosophy|philosopher]] [[Karl Marx]], have claimed that the system is dehumanizing to the working class and poor. "The rich get richer and the poor get poorer". | Critics of capitalism, most famously [[Germany|German]] [[philosophy|philosopher]] [[Karl Marx]], have claimed that the system is dehumanizing to the working class and poor. "The rich get richer and the poor get poorer". | ||
Revision as of 17:44, May 15, 2007
Capitalism, also called free market economy is an economic system where the investment of capital, and production, distribution, income, and prices are determined not by government (as in a planned economy) but through the operation of a market where all decisions regarding transfer of money, goods (including capital goods), and services are voluntary rather than regulated and mandated by government.
Since the fall of communism, and the advent of information technology, capitalism is becoming increasingly widespread.
Critics of capitalism, most famously German philosopher Karl Marx, have claimed that the system is dehumanizing to the working class and poor. "The rich get richer and the poor get poorer".