Capitalism
From Economypedia.com
Capitalism is a significant economic order featuring private ownership of property and means of production. Private owners have the freedom to use, buy and sell the property or services in the market at their own terms and values agreed upon voluntarily. The state or other authoritative parties have only a minimal power to interfere in such transactions.
However, private ownership does not mean individual ownership. It can also mean corporate ownership of a group of individuals.
The institutionalization of capitalist economic practices was initiated in England in the period between 16th and 19th centuries. The capitalist practices were prevalent even in the ancient world and instances of merchant capitalism have also been witnessed in the Middle Ages. Capitalism spread across Europe from England and helped as a means of industrialization.
