Capitalism

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