Difference between revisions of "Capitalism"
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| − | '''Capitalism''', also called '''free market economy''' is an economic system | + | '''Capitalism''', also called '''free market economy''' is an economic system where the means of production are privately owned and operated, and 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 popular. | Since the fall of [[communism]], and the advent of information technology, capitalism is becoming increasingly popular. | ||
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==External links== | ==External links== | ||
*[http://www.capmag.com Capitalism Magazine] | *[http://www.capmag.com Capitalism Magazine] | ||
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[[Category:Economics]] | [[Category:Economics]] | ||
Revision as of 09:06, April 28, 2007
Capitalism, also called free market economy is an economic system where the means of production are privately owned and operated, and 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 popular.
Critics of capitalism, most famously German philosopher Karl Marx, have claimed that the system is dehumanizing to the working class and poor.