Capitalism

C.M. Melenovsky (Ed.). (2022). The Routledge Handbook of Philosophy, Politics, and Economics, p. 267-275.

GMU Working Paper in Economics No. 22-23

20 Pages Posted: 29 Jun 2022

See all articles by Peter J. Boettke

Peter J. Boettke

George Mason University - Department of Economics; Mercatus Center at George Mason University

Date Written: June 20, 2022

Abstract

According to the Oxford English Dictionary, the term capitalism refers to: “The possession of capital or wealth; an economic system in which private capital or wealth is used in the production or distribution of goods and prices are determined mainly in a free market; the dominance of private owners of capital and of production for profit.” This chapter in the The Routledge Handbook of Philosophy, Politics, and Economics attempts to outline the definition of capitalism and its relationship with human betterment through understanding the perspectives of its advocates and its critics.

Keywords: Capitalism, Socialism, Economic Systems, Production

JEL Classification: P00, P10, N10

Suggested Citation

Boettke, Peter J. and Boettke, Peter J., Capitalism (June 20, 2022). C.M. Melenovsky (Ed.). (2022). The Routledge Handbook of Philosophy, Politics, and Economics, p. 267-275., GMU Working Paper in Economics No. 22-23, Available at SSRN: https://ssrn.com/abstract=4149725

Peter J. Boettke (Contact Author)

Mercatus Center at George Mason University ( email )

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George Mason University - Department of Economics ( email )

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