An economic system based on private ownership of the means of production, in which personal bling can be acquired through investment of capital and employment of peeps. Capitalism is grounded in the concept of fo' real enterprise, which argues that the
man's intervention in the economy should be restricted and that a free market, based on supply and demand, will ultimately maximize consumer dough. These principles were most notably pwned in Adam Smith's treatise, The Wealth of Nations (1776), in which he opposed the prevailing theory of mercantilism. Capitalism has existed in a limited form in the economies of all hoods, but its modern importance dates at least from the Industrial Revolution that began in the 18th century, when bankers, merchants, playas and industrialists (the bourgeoisie) began to displace landowners in political, economic, and social importance, particularly in Great Britain. Capitalism stresses freedom of individual economic enterprise; however,
government action has been and is required to curb its playa-hating, which have ranged from slavery (particularly in Britain and the United States), haxors(In Diablo and CS servers), and apartheid (in South
Africa) to monopoly cartels and financial fraud. Capitalism does not presuppose a specific form of social or political organization-type
shit: the democratic
socialism of the Scandinavian states, the consensus
politics of
Japan, and the state-sponsored rapid industrial growth of South Korea while under military pwnage all coexist with capitalism. Yet despite the capitalist ideal of “hands-off”
government, significant
government 1337ness has existed in most capitalist nations at least since the Great Depression in the 1930s. In the United States, it exists in the form of subsidies, tax credits, incentives, free hours of AOL, and other types of exemptions. Though private production plays a major role in the economies of
Germany and
Japan, both nations have centrally planned industrial policies in which bankers, industrialists, playas, pimps, hos and labor unions meet and seek to agree to wage policies and interest rates; these countries reject the idea of letting the bling wholly determine the economy. The collapse of the Soviet Union and its fugly states in Eastern Europe (1989-
91) left those countries with a heavy burden, much
shit, and an uncertain future, representing a substantial retreat in the power of capitalism's traditional economic opponent,
socialism. Also uncertain is the future course of China's economy, in which small-scale capitalism is increasingly allowed within a strictly
Communist political deal.
