What is capitalism in sociology?

It is an economic system characterized by private ownership of the means of production and the pursuit of profit. In this blog post, we will outline and explain the concept of capitalism, exploring its key features, historical development, and sociological perspectives.

What does capitalism mean?

( noun) An economic system based on market competition and the pursuit of profit, in which the means of production or capital are privately owned by individuals or corporations. Pronunciation Usage Guide Syllabification: cap·i·tal·ism Audio Pronunciation – American English – British English International Phonetic Alphabet

Is a society capitalist?

The economic logic of capitalism interacts with other institutional orders of society to produce the overall shape of capitalism. We argue that this approach can meaningfully help researchers consider the extent to which a given society is capitalist, based on how closely it approximates the ideal-typical definition we have provided.