Capitalism, also called free market economy, or free
enterprise economy, economic system, dominant in the Western world since the breakup of feudalism, in which most of the means of production are privately
owned and production is guided and income distributed largely through the
operation of markets.
Capitalism, as a mode of production, is an economic system of
manufacture and exchange which is geared toward the production and sale of commodities within a market for profit, where the manufacture of commodities
consists of the use of the formally free labor of workers in exchange for a wage
to create commodities in which the manufacturer extracts surplus value from the
labor of the workers in terms of the difference between the wages paid to the
worker and the value of the commodity produced by him/her to generate that
profit.
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