An economic style of private or corporate ownership of business enterprise. In this free market approach there is competition with production and prices not stipulated by the bureaucracy or regime. Historically countries that use this system are wealthier because initiative and hard work benefit the individual. This is contrasted with Socialism (although more flexible and less extreme system than communism), which condemns individual wealth with major industries being owned and controlled by the state. 

See also: communism, socialism.

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