noun

• (politics) A socio-economic system based on private ownership of resources or capital.
• (economics) An economic system based on private ownership of the means of production and their operation for profit.
• (politics, economic liberalism) A socio-economic system based on private property rights, including the private ownership of resources or capital, with economic decisions made largely through the operation of a market unregulated by the state.
• (economics, economic liberalism) An economic system based on the abstraction of resources into the form of privately owned capital, with economic decisions made largely through the operation of a market unregulated by the state.