capitalism
- 01 B2 Upper Intermediate
a system where individuals and companies own businesses and property, and compete to make money.
an economic and social system based on the private ownership of the means of production and their operation for profit within a market economy.
Simple“In a system of capitalism, businesses compete with each other to offer the best prices to customers.”
In context“Critics of global capitalism argue that the system prioritises short-term corporate profits over long-term environmental sustainability and social equity.”
UsageOften used uncountably to refer to the general concept, but can be countable when referring to specific national varieties.
Teacher's tipWhile often associated with 'democracy', capitalism refers specifically to the economic structure rather than the political voting system.
“The hit musical became a battleground for competing ideas about capitalism, artistic value, and commercial theater.”
Borrowed from French capitalisme (“the condition of one who is rich”); equivalent to capital + -ism. Derived from Proto-Indo-European káput (“head”), ultimately from Proto-Indo-European kap-. First used in English by novelist William Thackeray in The Newcomes [1854-1855].
Etymology adapted from Wiktionary, available under CC BY-SA 4.0.