Capitalism
Capitalism is an economic system that is based on private ownership of the means of production and the creation of goods or services for profit. Other elements central to capitalism include competitive markets and capital accumulation. There are multiple variants of capitalism, including laissez-faire, welfare capitalism and state capitalism. Capitalism is considered to have been applied in a variety of historical cases, varying in time, geography, politics, and culture. There is general agreement that capitalism became dominant in the Western world following the demise of feudalism. Competitive markets may also be found in market-based alternatives to capitalism such as market socialism and co-operative economics.
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Famous quotes containing the word capitalism:
“History suggests that capitalism is a necessary condition for political freedom. Clearly it is not a sufficient condition.”
—Milton Friedman (b. 1912)
“The so-called consumer society and the politics of corporate capitalism have created a second nature of man which ties him libidinally and aggressively to the commodity form. The need for possessing, consuming, handling and constantly renewing the gadgets, devices, instruments, engines, offered to and imposed upon the people, for using these wares even at the danger of one’s own destruction, has become a “biological” need.”
—Herbert Marcuse (1898–1979)
“Fact is Our Lord knew all about the power of money: He gave capitalism a tiny niche in His scheme of things, He gave it a chance, He even provided a first instalment of funds. Can you beat that? It’s so magnificent. God despises nothing. After all, if the deal had come off, Judas would probably have endowed sanatoriums, hospitals, public libraries or laboratories.”
—Georges Bernanos (1888–1948)