capitalism
Definition
Economic system characterized by the following: private property ownership exists; individuals and companies are allowed to compete for their own economic gain; and free market forces determine the prices of goods and services. Such a system is based on the premise of separating the state and business activities. Capitalists believe that markets are efficient and should thus function without interference, and the role of the state is to regulate and protect.
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Related terms:
invisible hand, socialism
'capitalism' appears in the definitions of these other terms on BusinessDictionary.com: Chicago school of economics, conservatism, countervailing power, free enterprise, Marxism, and 
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