Capitalism

These include laissez-faire or free market capitalism, welfare capitalism and state capitalism.

Welfare capitalism is capitalism that includes social welfare policies.

Capitalism is an economic system based on the private ownership of the means of production and their operation for profit.

The analysis of economic systems traditionally focused on the dichotomies and comparisons between market economies and planned economies and on the distinctions between capitalism and socialism.

Critics of capitalism argue that it establishes power in the hands of a minority capitalist class that exists through the exploitation of the majority working class and their labor; prioritizes profit over social good, natural resources and the environment; and is an engine of inequality, corruption and economic instabilities.

Criticism of capitalism ranges from expressing disagreement with the principles of capitalism in its entirety to expressing disagreement with particular outcomes of capitalism.

Modern capitalist societies—marked by a universalization of money-based social relations, a consistently large and system-wide class of workers who must work for wages, and a capitalist class which owns the means of production—developed in Western Europe in a process that led to the Industrial Revolution.

GDP per capita was broadly stable before the Industrial Revolution and the emergence of the modern capitalist economy, while the Industrial Revolution began an era of per-capita economic growth in capitalist economies.

Most existing capitalist economies are mixed economies, which combine elements of free markets with state intervention and in some cases economic planning.

The first of these definitions refers to a mixture of markets with state interventionism, referring to capitalist market economies with strong regulatory oversight, interventionist policies and governmental provision of public services.

Karl Marx and Friedrich Engels referred to the "capitalistic system" and to the "capitalist mode of production" in Capital (1867).

In capitalism, this manifests itself in the conflict between the ruling classes (known as the bourgeoisie) that control the means of production and the working classes (known as the proletariat) that enable these means by selling their labour power in return for wages.

In his masterpiece Das Kapital, Marx analyzed the "capitalist mode of production" using a method of understanding today known as Marxism.

In Karl Marx's critique of political economy and subsequent Marxian analyses, the capitalist mode of production refers to the systems of organizing production and distribution within capitalist societies.

The term "capitalist", meaning an owner of capital, appears earlier than the term "capitalism" and it dates back to the mid-17th century.

For Marx capital only exists within the process of the economic circuit (represented by "M-C-M") —it is wealth that grows out of the process of circulation itself, and for Marx it formed the basis of the economic system of capitalism.

The degree of competition in markets, the role of intervention and regulation, and the scope of state ownership vary across different models of capitalism.

Capitalist market economies that feature high degrees of state intervention are often referred to as mixed economies.

Pierre-Joseph Proudhon used the term "capitalist" in his first work, What is Property? (1840), to refer to the owners of capital.

He unsuccessfully tried to create a national bank, to be funded by what became an abortive attempt at an income tax on capitalists and shareholders.

Economists, political economists, sociologists and historians have adopted different perspectives in their analyses of capitalism and have recognized various forms of it in practice.

Political economy most commonly refers to interdisciplinary studies drawing upon economics, sociology and political science in explaining how political institutions, the political environment, and the economic system—capitalist, socialist, communist, or mixed—influence each other.

Capitalism in its modern form can be traced to the emergence of agrarian capitalism and mercantilism in the Renaissance.

Some scholars, such as Rodney Stark, play down the Renaissance in favor of the earlier innovations of the Italian city-states in the High Middle Ages, which married responsive government, Christianity and the birth of capitalism.

The degree of competition in markets, the role of intervention and regulation, and the scope of state ownership vary across different models of capitalism. Characteristics central to capitalism include private property, capital accumulation, wage labor, voluntary exchange, a price system, and competitive markets.

The former case is known as a seller's market; the latter is known as a buyer's market or consumer sovereignty.

Characteristics central to capitalism include private property, capital accumulation, wage labor, voluntary exchange, a price system, and competitive markets.

The price system has evolved into the system of global capitalism that is present in the early 21st century.

In a capitalist market economy, decision-making and investment are determined by every owner of wealth, property or production ability in financial and capital markets, whereas prices and the distribution of goods and services are mainly determined by competition in goods and services markets.

Laissez-faire is synonymous with what was referred to as strict capitalist free market economy during the early and mid-19th century as a classical liberal (right-libertarian) ideal to achieve.

Simple commodity exchange and consequently simple commodity production, which are the initial basis for the growth of capital from trade, have a very long history.

Karl Marx described this property as follows: "From the taste of wheat, it is not possible to tell who produced it, a Russian serf, a French peasant or an English capitalist."

Industrial capitalism marked the development of the factory system of manufacturing, characterized by a complex division of labor between and within work process and the routine of work tasks; and finally established the global domination of the capitalist mode of production.

Historically, an increasing division of labour is associated with the growth of total output and trade, the rise of capitalism, and the increasing complexity of industrialised processes.

She states it was first discovered and consolidated at Google, emerged due to the "coupling of the vast powers of the digital with the radical indifference and intrinsic narcissism of the financial capitalism and its neoliberal vision that have dominated commerce for at least three decades, especially in the Anglo economies" and depends on the global architecture of computer mediation which produces a distributed and largely uncontested new expression of power she calls "Big Other".

Neoliberalism or neo-liberalism is the 20th-century resurgence of 19th-century ideas associated with laissez-faire economic liberalism and free market capitalism.

According to Harvard academic Shoshana Zuboff, a new genus of capitalism, surveillance capitalism, monetizes data acquired through surveillance.

Surveillance capitalism is a novel market form and a specific logic of capitalist accumulation that was popularised in a 2014 essay by business theorist and social scientist Shoshana Zuboff.

The economic foundations of the feudal agricultural system began to shift substantially in 16th-century England as the manorial system had broken down and land began to become concentrated in the hands of fewer landlords with increasingly large estates.

It outlasted serfdom as it outlasted feudalism: "primarily an economic organization, it could maintain a warrior, but it could equally well maintain a capitalist landlord. It could be self-sufficient, yield produce for the market, or it could yield a money rent."

According to Harvard academic Shoshana Zuboff, a new genus of capitalism, surveillance capitalism, monetizes data acquired through surveillance.

The Age of Surveillance Capitalism: The Fight for a Human Future at the New Frontier of Power, integrates her lifelong themes: the digital revolution, the evolution of capitalism, the historical emergence of psychological individuality, and the conditions for human development.

Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Characteristics central to capitalism include private property, capital accumulation, wage labor, voluntary exchange, a price system, and competitive markets.

Marx's conception of private property has proven influential for many subsequent economic theories and for anarchist, communist and socialist political movements, and led to the widespread association of private property with capitalism.

These include laissez-faire or free market capitalism, welfare capitalism and state capitalism.

In Britain, the newspaper The Economist was founded in 1843 and became an influential voice for laissez-faire capitalism.

Marx did not extensively use the form capitalism, but instead those of capitalist and capitalist mode of production, which appear more than 2,600 times in the trilogy The Capital. According to the Oxford English Dictionary (OED), the term "capitalism" first appeared in English in 1854 in the novel The Newcomes by novelist William Makepeace Thackeray, where he meant "having ownership of capital".

Herein we find first use of the coined word "capitalism", as reference an economic system.

In the 19th century, Richard Cobden and John Bright, who based their beliefs on the Manchester School, initiated a movement to lower tariffs.

It expounded the social and economic implications of free trade and laissez-faire capitalism.