Definitions

1. noun

An economic system in which private individuals and businesses own and operate the means of production, with the goal of maximizing profit, often characterized by competition and free market principles.

“The government sought to implement socialist policies to counter the effects of capitalism.”

2. noun

The concentration of wealth and power in a few individuals or corporations, often resulting in economic inequality and social injustice.

“The rise of capitalism in the 19th century led to significant social and economic changes in the industrialized world.”

3. noun

A system of government in which the state controls the means of production and distribution of goods and services.

“Many critics argue that socialism is a necessary counter to the excesses of capitalism.”