Capitalism

• Capitalism generally refers to an economic system in which the means of production are mostly privately owned and operated for profit, and in which distribution, production and pricing of goods and services are determined in a largely free market. It is usually considered to involve the right of individuals and groups of individuals acting as "legal persons" or corporations to trade capital goods, labour, land and money.
  
• Theories of capitalism first developed in the context of the Industrial Revolution, and, following Karl Marx, were generally used to criticize the concept.
  
• During the Cold War, theories of capitalism continued to be developed and elaborated in order to explain, justify, or criticize the private ownership of capital; to explain the operation of capitalistic markets; and to guide the application or elimination of government regulation of property and markets.
  
• Capitalist economic practices became institutionalised in Europe between the 16th and 19th centuries, although some features of capitalist organization existed in the ancient world.
• Capitalism gradually spread from Europe, particularly from Britain, across political and cultural frontiers. In the 19th and 20th centuries, capitalism provided the main, but not exclusive, means of industrialization throughout much of the world.