What is capitalism?

[AbdurRahim]

Economic System based (to a varying degree) on private ownership of the factors of production (capital, land, and labor) employed in generation of profits. It is the oldest and most common of all economic systems and, in general, is synonymous with free market system.The "invisible hand" of capitalism suggests that selfishness in business can lead to great things for the public at large, but it is a theory meeting increasing criticism in this age of wall street bailouts and lackluster wages.