Capitalism
An economic system based on private ownership of the means of production, market exchange, and the pursuit of profit.
Origin
The word was popularized in the 19th century, partly by critics like Marx. The system itself developed in Western Europe between the late Middle Ages and the Industrial Revolution: merchant capitalism (long-distance trade, joint-stock companies like the Dutch East India in 1602), industrial capitalism (steam-powered factories from the 1760s), financial capitalism (banks and stock markets dominating from the late 19th century), and the digital/platform variant of the last 30 years. Adam Smith's The Wealth of Nations (1776) is the canonical defense; Karl Marx's Capital (1867) the canonical critique. Real economies are mostly mixed — markets plus regulation, public services, and welfare states.
Modern usage
The default economic system of the world. Endless debate about which version is good — 'late-stage capitalism' is a recurring leftist phrase, 'crony capitalism' a right-wing one, 'stakeholder capitalism' a corporate one. The word is used loosely; 'capitalism' often means 'whatever I dislike about the current economy.'
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