Quick Reference

An economic system in which the factors of production are privately owned and individual owners of capital are free to make use of it as they see fit; in particular, for their own profit. In this system the market and the profit mechanism will play a major role in deciding what is to be produced, how it is to be produced, and who owns what is produced. See also free competition; private enterprise.

Subjects: Social Sciences.

Reference entries

See all related reference entries in Oxford Index »