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English definition of “capitalism”

capitalism

noun [U]     /ˈkæpɪtəlɪzəm/
ECONOMICS, POLITICS the economic, political, and social system that is based on property, business, and industry being privately owned, and is directed towards making the greatest possible profits for private people and organizations: Under capitalism, people are motivated by the idea of personal profit and success. The treaty was an attempt to strike a balance between free-market capitalism and the protection of the global environment.
→ See also crony capitalism, popular capitalism, state capitalism → Compare communism
(Definition of capitalism noun from the Cambridge Business English Dictionary © Cambridge University Press)
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