Capitalism and Economic Growth Across the World

11 Pages Posted: 20 Sep 2016

See all articles by Wilson N. Sy

Wilson N. Sy

Investment Analytics Research

Date Written: September 18, 2016


Capitalism is defined here by the universal concept of private property, independent of time and geography, in purely economic terms, free from political ideology. Capitalism thus defined is antithetical to socialism, for which a metric has been introduced by the size of government measured as government total expenditure relative to gross domestic product. For 40 largest countries in the International Monetary Fund (IMF) database, it is shown statistically that capitalism, between 2003 and 2012, is positively correlated significantly to economic growth.

Keywords: Capitalism, Socialism, Government, State, Economic Growth

JEL Classification: E60, O11, Q43, P10, P20, P35

Suggested Citation

Sy, Wilson N., Capitalism and Economic Growth Across the World (September 18, 2016). Available at SSRN: or

Wilson N. Sy (Contact Author)

Investment Analytics Research ( email )

12 Gilchrist Place
Balmain East, NSW 2041
0424669802 (Phone)

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