I have added a new definition as the previous entry, i.e.:- "A social and economic system based on private property rights, including the private ownership of resources or capital, with economic decisions made through the largely through the operation of a free market rather than by state control. The practical implementation of capitalism within political systems varies between complete (laissez-faire) free markets and mixed-economy state-capitalism or welfare states." is obviously no good. According to this definition we have been capitalist since before the Babylonians! Whatever happened to the Classical & Fuedal eras? I believe a definition forged from the theories of Smith, Marx, Keynes, Friedman etc to be more correct. Kim Giles 7/7/05
I am writing this in answer to a previous editor who commented "capitalism system is by definition not state controlled". My first comment is "By whose definition?". Perhaps the Wiktionarys? Do you see the implications? We are writing a definition, hence 'by definition' means nothing. Secondly, why can't capitalism be state controlled? All modern states that I can think of have a measure of state-control, does that mean that none of them are capitalist? - 212.139.25.22 13:34, 7 August 2005 (UTC)
| Nr. | Definition | Note |
|---|---|---|
| 1 | A socio-economic system based on private property rights, including the private ownership of resources or capital, with economic decisions made largely through the operation of a free market rather than by state control. | Currently number 1 in the article. |
| 2 | A socio-economic system based on the abstraction of resources into the form of capital, whether privately or state owned and regulated. | Currently number 2 in the article. |
| 3 | An economic and social system in which the means of production are predominantly privately owned, are operated for profit, and in which investments, distribution, income, production and pricing of goods and services are determined through the operation of a market economy. | From W:Capitalism, having two references. |
I prefer the number 3, although I also like the mention of free market as opposed to state control.
Oops, the definition from WP is longer than I noticed. It seems clearly better to me than the current Wiktionary ones and is sourced. --Daniel Polansky 16:59, 2 April 2008 (UTC)
@Hippietrail For terms having Chinese entries WITH Cantonese pronunciations, could you kindly check the Chinese entries yourself and add translations if you wish? 資本主義／资本主义 (zīběnzhǔyì) "capitalism" and 社會主義／社会主义 (shèhuì zhǔyì) "socialism" both have Cantonese sections. The same with Tibet and autobiography. --Anatoli T. (обсудить/вклад) 23:36, 4 November 2014 (UTC)
I came accross this definition on investopedia:
DEFINITION of 'Capitalism' A system of economics based on the private ownership of capital and production inputs, and on the production of goods and services for profit. The production of goods and services is based on supply and demand in the general market (market economy), rather than through central planning (planned economy). Capitalism is generally characterized by competition between producers. Other facets, such as the participation of government in production and regulation, vary across models of capitalism.
What do you think? Is competition an integral part of capitalism? Can it exist without competition? - JamesPoulson (talk) 23:46, 20 December 2015 (UTC)
One definition of capitalism focuses on ownership as in being the characteristic that distinguishes itself from, say, socialism as in an economic system.
The definition in 2005 mentions this:
The more recent version adds the near absence of regulation as a characteristic and fits the liberal (as in seeking economic freedom) or free market view.
Obviously, the complete absence of regulation would mean that there are no capitalist economies in the world at the present time.
Note that a mixed economy can be defined as an economic system:
The page now has both definitions since the second is frequently used online. JamesPoulson (talk) 13:57, 4 December 2016 (UTC)