capitalism

n. economic system based on competition between businesses

For other uses, see Capitalism (disambiguation). Capitalism generally refers to an economic system in which the means of production are all or mostly privately owned and operated for profit, and in which investments, distribution, income, production and pricing of goods and services are determined through the operation of a market economy. It is usually considered to involve the right of individuals and groups of individuals acting as "legal persons" or corporations to trade capital goods, labor, land and money (see finance and credit). Capitalism has been dominant in the Western world since the break up of feudalism, but some feel that the term "mixed economies" more precisely describes most contemporary economies, due to these economies containing both private-owned and state-owned enterprises, or that combines elements of capitalism and socialism, or a mix of market economy and planned economy characteristics.
See more at Wikipedia.org...

Noun
1. an economic system based on private ownership of capital
(synonym) capitalist economy
(antonym) socialism, socialist economy
(hypernym) market economy, free enterprise, laissez-faire economy

economic system characterized by the following: private property ownership exists; individuals and companies are allowed to compete for their own economic gain; and free market forces determine the prices of goods and services (associated by some with greed and the ills of society).

A form of economic order characterized by private ownership of the means of production and the freedom of private owners to use, buy and sell their property or services on the market at voluntarily agreed prices and terms, with only minimal interference with such transactions by the state or other authoritative third parties. [See also: market, market economy, communism]