capitalist economy
Definition
Noun: An economic system characterized by private ownership of the means of production (capital) and their operation for profit. In this system, the production and distribution of goods and services are primarily determined by competition in a free market, with minimal government intervention.
Usage
The term "capitalist economy" is used to describe the overall economic structure of a country or region. It is a formal, academic term often used in economics, political science, and history to contrast with other systems like socialism or a planned economy.
Examples
- The transition to a capitalist economy brought significant changes to the country's industrial landscape.
- Critics argue that a pure capitalist economy can lead to significant income inequality.
- Many nations operate a mixed economy, blending elements of a capitalist economy with social welfare programs.
Advanced Usage
- "Laissez-faire capitalist economy": A specific type of capitalist economy with very little government regulation or intervention.
- The 19th century is often cited as an era of laissez-faire capitalist economy.
Variants and Related Words
- Capitalism (n): The ideology or practice based on a capitalist economy. This is the more common abstract noun.
- He wrote a book critiquing modern capitalism.
- Capitalist (adj): Relating to a capitalist economy or its principles.
- The capitalist system encourages innovation.
- Capitalist (n): A person who owns capital or invests in a capitalist economy.
- The entrepreneur was a successful capitalist.
Synonyms
- Free-market economy
- Market economy
- Private enterprise system
Antonyms
- Socialist economy
- Planned economy
- Command economy
Noun
-
an economic system based on private ownership of capital
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