Capitalism

Capitalism is an economic system and an ideology based on private ownership of the means of production and their operation for profit. [1] [2] [3] Characteristics central to capitalism include private property, capital accumulation, wage labor, voluntary exchange, a price system and competitive markets. [4] [5] In a capitalist market economy, decision-making and investment are determined by the owners of the factors of production in financial and capital markets, whereas prices and the distribution of goods are mainly determined by competition in the market. [6] [7]

Economists, political economists and historians have adopted different perspectives in their analyses of capitalism and have recognized various forms of it in practice. These include laissez-faire or free market capitalism, welfare capitalism and state capitalism. Different forms of capitalism feature varying degrees of free markets, public ownership, [8] obstacles to free competition and state-sanctioned social policies. The degree of competition in markets, the role of models of capitalism. [9] The extent to which different markets are free, as well as the rules defining private property, are matters of politics and policy. Most existing capitalist economies are mixed economies, which combine elements of free markets with state intervention and in some cases economic planning. [10]

Market economies have existed under many forms of government, in many different times, places and cultures. However, the development of 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 dominates control of wealth and political power developed in Western Europe in a process that led to the Industrial Revolution. Capitalist systems with varying degrees of direct government intervention have since become dominant in the Western world and continue to spread.

Capitalism has been criticized for establishing power in the hands of a minority capitalist class that exists through the exploitation of a working class majority; for prioritizing profit over social good, natural resources and the environment; and for being an engine of inequality and economic instabilities. Supporters argue that it provides better products through competition, creates strong economic growth, yields productivity and prosperity that greatly benefits society, as well as being the most efficient system known for allocation of resources.

Etymology

Other terms sometimes used for capitalism:

The term "capitalist", meaning an owner of capital, appears earlier than the term "capitalism" and it dates back to the mid-17th century. "Capitalism" is derived from capital, which evolved from capitale, a late Latin word based on caput, meaning "head" – also the origin of chattel and cattle in the sense of movable property (only much later to refer only to livestock). Capitale emerged in the 12th to 13th centuries in the sense of referring to funds, stock of merchandise, sum of money or money carrying interest. [22] [23] [24] By 1283, it was used in the sense of the capital assets of a trading firm and it was frequently interchanged with a number of other words – wealth, money, funds, goods, assets, property and so on. [25]

The Hollandische Mercurius uses capitalists in 1633 and 1654 to refer to owners of capital. [26] In French, Étienne Clavier referred to capitalistes in 1788, [27] six years before its first recorded English usage by Arthur Young in his work Travels in France (1792). [24] [28] In his Principles of Political Economy and Taxation (1817), David Ricardo referred to "the capitalist" many times. [29] Samuel Taylor Coleridge, an English poet, used "capitalist" in his work Table Talk (1823). [30] Pierre-Joseph Proudhon used the term "capitalist" in his first work, What is Property? (1840), to refer to the owners of capital. Benjamin Disraeli used the term "capitalist" in his 1845 work Sybil. [24]

The initial usage of the term "capitalism" in its modern sense has been attributed to Louis Blanc in 1850 ("What I call 'capitalism' that is to say the appropriation of capital by some to the exclusion of others") and Pierre-Joseph Proudhon in 1861 ("Economic and social regime in which capital, the source of income, does not generally belong to those who make it work through their labour"). [31] Karl Marx and Friedrich Engels referred to the "capitalistic system" [32] [33] and to the "capitalist mode of production" in The Capital (1867). [34] The use of the word "capitalism" in reference to an economic system appears twice in Volume I of The Capital, p. 124 (German edition) and in Theories of Surplus Value, tome II, p. 493 (German edition). 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". [35] Also according to the OED, Carl Adolph Douai, a German-American socialist and abolitionist, used the phrase "private capitalism" in 1863.

Other Languages
Afrikaans: Kapitalisme
Alemannisch: Kapitalismus
العربية: رأسمالية
aragonés: Capitalismo
ܐܪܡܝܐ: ܪܫܡܠܘܬܐ
অসমীয়া: পুঁজিবাদ
asturianu: Capitalismu
azərbaycanca: Kapitalizm
تۆرکجه: کاپیتالیسم
বাংলা: পুঁজিবাদ
Bân-lâm-gú: Chu-pún-chú-gī
башҡортса: Капитализм
беларуская: Капіталізм
беларуская (тарашкевіца)‎: Капіталізм
български: Капитализъм
bosanski: Kapitalizam
brezhoneg: Kevalaouriezh
català: Capitalisme
čeština: Kapitalismus
Cymraeg: Cyfalafiaeth
Deutsch: Kapitalismus
eesti: Kapitalism
Ελληνικά: Καπιταλισμός
español: Capitalismo
Esperanto: Kapitalismo
estremeñu: Capitalismu
euskara: Kapitalismo
Fiji Hindi: Punjiwaad
føroyskt: Kapitalisma
français: Capitalisme
Gaeilge: Caipitleachas
Gàidhlig: Calpachas
galego: Capitalismo
贛語: 資本主義
ગુજરાતી: મૂડીવાદ
客家語/Hak-kâ-ngî: Chṳ̂-pún chú-ngi
한국어: 자본주의
Հայերեն: Կապիտալիզմ
हिन्दी: पूंजीवाद
hrvatski: Kapitalizam
Ilokano: Kapitalismo
Bahasa Indonesia: Kapitalisme
íslenska: Kapítalismi
italiano: Capitalismo
עברית: קפיטליזם
Basa Jawa: Kapitalisme
къарачай-малкъар: Капитализм
ქართული: კაპიტალიზმი
қазақша: Капитализм
Kiswahili: Ubepari
Kurdî: Kapîtalîzm
Кыргызча: Капитализм
Latina: Capitalismus
latviešu: Kapitālisms
lietuvių: Kapitalizmas
Limburgs: Kapitalisme
lingála: Kapitalismɛ
magyar: Kapitalizmus
македонски: Капитализам
Malagasy: Kapitalisma
Bahasa Melayu: Kapitalisme
Mìng-dĕ̤ng-ngṳ̄: Cṳ̆-buōng-ciō-ngiê
Mirandés: Capitalismo
монгол: Капитализм
မြန်မာဘာသာ: အရင်းရှင်ဝါဒ
Nederlands: Kapitalisme
नेपाल भाषा: पूंजीवाद
日本語: 資本主義
norsk nynorsk: Kapitalisme
occitan: Capitalisme
oʻzbekcha/ўзбекча: Kapitalizm
ਪੰਜਾਬੀ: ਪੂੰਜੀਵਾਦ
پنجابی: کیپیٹلزم
Papiamentu: Kapitalismo
پښتو: پانگولي
Patois: Kiapitalizam
Piemontèis: Capitalism
polski: Kapitalizm
português: Capitalismo
română: Capitalism
Runa Simi: Kapitalismu
русиньскый: Капіталізм
русский: Капитализм
саха тыла: Капитализм
sicilianu: Capitalismu
සිංහල: ධනවාදය
Simple English: Capitalism
slovenčina: Kapitalizmus
slovenščina: Kapitalizem
српски / srpski: Капитализам
srpskohrvatski / српскохрватски: Kapitalizam
svenska: Kapitalism
татарча/tatarça: Капитализм
тоҷикӣ: Капитализм
Türkçe: Kapitalizm
українська: Капіталізм
Tiếng Việt: Chủ nghĩa tư bản
Võro: Kapitalism
Winaray: Kapitalismo
吴语: 資本主義
ייִדיש: קאפיטאליזם
粵語: 資本主義
Zazaki: Kapitalizm
žemaitėška: Kapėtalėzmos
中文: 资本主义