capitalism

     

Part of a series on Economic systems

Trivia about capitalism

  • This term for an economic system first appeared in English in Thackeray's "The Newcomes", about the rise of a family
  • The means of production are privately owned in this economic system
  • It's the -ism based on self-interest, profit & free competition; Karl Marx wasn't thrilled with it
  • Max Weber's best-known work is "The Protestant Ethic and the Spirit of" this economic system
  • Joseph Schumpeter said this system is maintained by the "creative destruction" of innovators & entrepreneurs