The Evolution of Capitalism - Pierre Joseph Proudhon
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Written by Pierre Joseph Proudhon
Capitalism is an economic system in which property is owned by either private individuals or a corporation. Private ownership is sometimes used as a synonym for individual ownership, however the term "private" may also be used to refer to collective ownership of individuals in the form of corporate ownership. Therefore, "privately owned" in the context of this definition means not owned or controlled by the state 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 corporations to trade, using money, in goods, services (including finance), labor and land.