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Capitalism Generally refers to an economic system in which the means of production are all or mostly privately owned and operated for profit , and in which investments , distribution , income , production and pricing of goods and services are determined through the operation of a market economy . It is usually considered to involve the right of individuals and groups of individuals acting as "legal persons" or corporations to trade capital goods , labor , land and money . Capitalism has been dominant in the Western world since the break up of feudalism , but some feel that the term " mixed economies " more precisely describes most contemporary economies,due to these economies containing both private-owned and state-owned enterprises , or that combines elements of capitalism and socialism , or a mix of market economy and planned economy characteristics. Theories of capitalism as a coherent economic system derive from the mid-nineteenth century. [7] In the late

A free market is a market where prices of goods and services are arranged completely by the mutual non-coerced consent of sellers and buyers, determined generally by the supply and demand law with no government interference in the regulation of costs, supply and demand. The opposite of a free market is a controlled market , where government sets or regulates prices directly or through regulating supply and/or demand. [1] Although a free market necessitates that government does not regulate supply, demand, and prices, it also requires the traders themselves do not coerce or mislead each other, so that all trades are morally voluntary. [2] This is not to be confused with a perfect market where individuals have perfect information and there is perfect competition . The notion of a free market is closely associated with laissez-faire economic philosophy, which advocates approximating this condition in the real world by mostly confining government intervention in economi