Michael Mitchell: Archive

capitalism, economic system, dominant in the Western world since the breakup of feudalism, in which MOST MEANS of production are privately owned and production is guided and income distributed largely through the operation of markets.

https://www.britannica.com/money/capitalism

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communism, political and economic doctrine that aims to replace private property and a profit-based economy with public ownership and communal control of at least the MAJOR MEANS of production (e.g., mines, mills, and factories) and the natural resources of a society.

https://www.britannica.com/topic/communism