Capitalism is an economic concept of civilization that is based on the private ownership (and
control) of the means of production. Such an institutional situation permits and
inevitably encourages the division of labor, economic calculation, capital
accumulation, technological improvement and the voluntary social cooperation of
a market economy in which mass production is designed for the consumption of the
sovereign masses. Capitalism has raised the standard of life among the masses to
a level which our ancestors could not have imagined.
Capitalism is the antithesis of statism, socialism and
communism which are based on government ownership (or control) of the means of
"On the free market, everyone earns according to his productive value in
satisfying consumer desires. Under statist distribution, everyone earns in
proportion to the amount he can plunder from the producers."
Murray N. Rothbard, Man,
Economy, & State, Ch 19.