market capitalism
/ˈmɑːrkɪt ˈkæpɪtəlɪzəm/ · mar·ket cap·i·tal·ism
noun
- An economic system in which the means of production are privately owned and operated for profit, with the creation and distribution of goods and services determined by market forces. The country's shift towards market capitalism led to increased economic growth and innovation.
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Did you know? The concept of market capitalism 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 work laid the groundwork for the development of capitalist economic systems worldwide.