Definition of Capitelism

(political usage) 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.
(sociological usage) A socio-economic system based on the abstraction of resources into the form of capital, whether privately or state owned and regulated.

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