capitalism
noun [ U ]
uk/ˈkæpɪtəlɪzəm/ us ECONOMICS, POLITICS
the economic, political, and social system that is based on property, business, and industry being privately owned, and is directed towards making the greatest possible profits for private people and organizations:
Under capitalism, people are motivated by the idea of personal profit and success.
The treaty was an attempt to strike a balance between free-market capitalism and the protection of the global environment.
See also
crony capitalism
popular capitalism
state capitalism
Compare
communism