capitalism
US /ˈkæp.ə.t̬əl.ɪ.zəm/
UK /ˈkæp.ə.t̬əl.ɪ.zəm/
1.
an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
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Many argue that capitalism promotes innovation and economic growth.
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The fall of the Berlin Wall marked a shift towards capitalism in Eastern Europe.