Capitalism is an economic system where private individuals or organizations own the means of production, and products, prices, and the distribution of goods are primarily determined by competition in a free market. It's characterized by private property, the pursuit of profit, and the operation of market forces. This system encourages entrepreneurship, individual initiative, and competition.
Capitalism has evolved through several stages, from agrarianism and mercantilism to its dominance after the Industrial Revolution. Today, capitalist economies vary, with most being mixed economies that combine free markets with some government intervention. While capitalism has driven economic growth and innovation, it faces criticisms regarding income inequality, potential for market failures, and environmental concerns. The current state of capitalism is viewed by some as being in a period of "interregnum" since the global financial crisis of 2007-2009.