Capitalism: Difference between revisions
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'''Capitalism''' is an economic system characterized by private or corporate ownership of capital | '''Capitalism''' is an economic system characterized by private or corporate ownership of [[capital good]]s, by [[investment]]s that are determined by private decision, and by [[price]]s, [[production]], and the distribution of goods that are determined mainly by [[competition]] in a [[free market]].<ref>"Capitalism." Dictionary and Thesaurus - Merriam-Webster Online. http://www.merriam-webster.com/dictionary/capitalism (accessed April 25, 2011).</ref> Modern Capitalism is essentially mass production for the needs of the masses.<ref name="humanaction_ch21_sec2">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap21sec2.asp XXI. Work and Wages], 2. Joy and Tedium of Labor, [[Human Action]], online version, referenced 2011-04-25.</ref> | ||
==References== | ==References== | ||
Latest revision as of 05:23, 12 June 2013
Capitalism is an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market.[1] Modern Capitalism is essentially mass production for the needs of the masses.[2]
References
- ↑ "Capitalism." Dictionary and Thesaurus - Merriam-Webster Online. http://www.merriam-webster.com/dictionary/capitalism (accessed April 25, 2011).
- ↑ Ludwig von Mises. XXI. Work and Wages, 2. Joy and Tedium of Labor, Human Action, online version, referenced 2011-04-25.