capitalist system JUST WRITTEN FOR YOU
/ˈkæpɪtəlɪst ˈsɪstəm/ · cap.i.tal.ist sys.tem
noun
- an economic system in which private individuals and businesses own and operate the means of production, with the goal of generating profits The country's capitalist system allowed for rapid economic growth and innovation.
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Did you know? The concept of a capitalist system was first extensively described by Adam Smith in his book 'The Wealth of Nations' in 1776, which is considered a foundational text of modern economics. This book laid the groundwork for the development of capitalist theory and its application in various countries around the world.