An economic style of private or corporate ownership of business enterprise. In this free market approach there is healthy 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 individuals who are prepared to take calculated risks and give their all to see their dreams become reality. Under the economy of capitalism human potential is liberated because economic justice is best achieved if each person is accountable for his own productivity. And when capitalism is wisely controlled, it generates significant economic prosperity and economic freedom for its people, although some have used the system to satisfy their greed.
Capitalism 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 with economic power centralized and concentrated in the hands of a few greedy people and that affords no alternative.