Meaning of the word "capitalist economy" in English
What does "capitalist economy" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.
capitalist economy
US /ˈkæpɪtəlɪst ɪˈkɑːnəmi/
UK /ˈkæpɪtəlɪst ɪˈkɒnəmi/
Noun
an economic system in which private individuals or businesses own capital goods. The production of goods and services is based on supply and demand in the general market—known as a market economy—rather than through central planning—known as a planned economy or command economy.
Example:
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The United States operates under a capitalist economy.
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Many developing countries are transitioning towards a more open capitalist economy.