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Capitalism is a type of economic system. Learn about its characteristics and its role in the Canadian economy in the MoneySense Glossary.
Capitalism is an economic system in which private individuals and businesses own and control the means of production. Resource allocation and the prices of goods and services are based on supply and demand (the “free market”), and profit is the key motive. Contrast that to socialist economies, in which the state owns the means of production, manages economic planning, and distributes wealth and resources.
Example: “Many countries, including Canada, have mixed economies with both capitalist and socialist elements.”
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