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capitalism
Economic system in which the principal means of production, distribution, and exchange are in private (individual or corporate) hands and competitively operated for profit. A mixed economy combines the private enterprise of capitalism and a degree of state monopoly, as in nationalized industries and welfare services.
Most capitalist economies are actually mixed economies, but some (such as the US and Japanese) have a greater share of the economy devoted to free enterprise.
From the Hutchinson Encyclopedia of World History. © Research Machines plc [2006] All Rights Reserved, Helicon Publishing is a division of Research Machines.
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