International Trade Meaning and Definition of Capitalism
Meaning of Capitalism
An economic system that is based on private ownership; economic development is proportionate to and dependent upon the accumulation and reinvestment of profits.
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Capitalism in Historical Law
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Legal Abbreviations and Acronyms
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What is Capitalism?
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An economic system of private ownership of property and commerce regulated by market forces of supply and demand.
An economic system of private ownership of property and commerce regulated by market forces of supply and demand.
Definition of Capitalism
The Canada social science dictionary [1] provides the following meaning of Capitalism: An economic system in which capital (the goods or wealth used to produce other goods for profit) is privately owned and profit is reinvested so as to accumulate capital. The dynamics of the economic exchange in capitalism are unique. In a barter system of economic activity a producer may grow a pound of potatoes and barter them for an equivalent amount of honey produced by someone else. In this exchange the goods bartered are of roughly equal value. In capitalism, however, a person uses capital to produce goods and then sells those goods for cash. The amount of cash received is greater than the value of the good produced such that a profit is created allowing for reinvestment in the capital stock and to support the owner and producers. See: CAPITAL /LABOUR THEORY OF VALUE in this legal dictionary and in the world encyclopedia of law.
Capitalism: Resources
Notes and References
- Drislane, R., & Parkinson, G. (2016). (Concept of) Capitalism. Online dictionary of the social sciences. Open University of Canada
Grammar
This term is a noun.
Etimology of Capitalism
(You may find capitalism at the world legal encyclopedia and the etimology of more terms).
1854, “condition of having capital;” from capital (n.1) + -ism. Meaning “political/economic system which encourages capitalists” is recorded from 1872.
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Legal English Vocabulary: Capitalism in Spanish
Online translation of the English legal term capitalism into Spanish: capitalismo (English to Spanish translation) . More about legal dictionary from english to spanish online.
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Definition of Capitalism
In relation to social issues, a meaning of capitalism is provided here: 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.
Resources
See Also
- Legal System
- Country
- Jurisdiction
- Immigration
- Consulate
Capitalism
See Also
- Governance
- Contract Enforcement
- Convergence and
Divergence - Corporate Codes of Conduct
- Corporate
Governance - Fordism and Post-Fordism
- Globalization
- Global Market
- Individualism
- Marxism
- Private Military
Companies - Property Rights
- Social Democracy
- Trust
- Unemployment
- Varieties of Capitalism
Further Reading
-
Coates, D. (2000). Models of capitalism: Growth and
stagnation in the modern era. Cambridge, UK: Polity
Press.
Jessop, B. (1990). State theory: Putting the capitalist state in
its place. Cambridge, UK: Polity Press.
Kitschelt, H., Lange, P., Marks, G., & Stephens, J. (Eds.).
(1999). Continuity and change in contemporary
capitalism. Cambridge, UK: Cambridge University Press.
Marx, K. (1934). Capital. New York: E. P. Dutton.
Polanyi, K. (1957). The great transformation: The social and
political origins of our time. Boston: Beacon Press.
Przeworski, A. (1990). The state and the economy under
capitalism. New York: Harwood Academic Press. - Capitalism in the Encyclopedia of Governance, Mark Bevir – University of California, Berkeley, USA, 2007, SAGE Publications
Capitalism
Resources
See Also
- Economic Systems
Further Reading
- Capitalism in the Encyclopedia of Business and Finance, 3rd Edition, Macmillan Reference USA, 2014
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