Capitalism: economic model in which the means of production are owned privately and society’s production is guided and distributed by the principle of private-profit maximization within borderless markets of exchange for priced commodities.
An economic system based upon the private control of natural and social wealth and wage labor, governed by an imperative of constant and growing accumulation.
A socioeconomic system in which all values are conceived in money terms and maximum sale of commodities for maximum private profit is the ultimate value governor of thought and action. (Strictly speaking, the adjective money before capitalism is required to ensure distinction from other forms of capital, e.g., life-capital). Money capitalism is defined by its value governor, the money sequence of value.
Source: ‘What is Good? What is Bad? The Value of All Values across Time, Place and Theories’ by John McMurtry, Philosophy and World Problems, Volume I-III, UNESCO in partnership with Encyclopedia of Life Support Systems: Oxford, 2004-11.