That is a laughable definition. Let&#x27;s just define our favorite economic system as &quot;the system where the best things happen&quot;.<p>Capitalism is merely a kind of economic system where the means of production are controlled privately for the purpose of profit.<p>Observed consequences of capitalism are commodity production, competitive markets, sophisticated financial markets and instruments of debt and credit, wage labour, capital accumulation, and <i>rent seeking</i>.