Basic Philosphy of Capitalism

Capitalism is an economic system in which trade, industry, and the means of production are largely or entirely privately owned and operated for profit.[1][2] Central characteristics of capitalism include capital accumulation, competitive markets and wage labour.[3] In a capitalist economy, the parties to a transaction typically determine the prices at which assets, goods, and services are exchanged.[4] Later, in the 20th century, capitalism overcame a challenge by centrally-planned economies and is now the encompassing system worldwide,[9][10] with the mixed economy being its dominant form in the industrialized Western world.