Essay about economic capitalism
Capitalism is an economic system in which private individuals or businesses own capital goods. The production of goods and services is based on supply and demand in the general market -known as a market economy - rather than through central planning-known as a planned economy or command economy[1].
The most purified form of capitalism is free market or laissez-faire capitalism. Here, private individuals are unrepressed. They may decide where to spend money, what to manufacture or trade, and at which prices to exchange goods and services. The laissez-faire marketplace operates without checks or controls[2].
The Oxford English Dictionary notes that the word "capitalism" was first used in 1854 by the novelist William Thackeray to refer to a set of conditions of ownership of capital. In 1867, in his book Capital, Karl Marx used the term capitalism to denote the capitalist mode of production, and also capitalist - the owner of capital. The term was first used...
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