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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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