Capitalism is an economic system based on the private ownership of the means of production and their operation for profit
Central characteristics of capitalism include capital accumulation, competitive markets, price systems, private property, property rights recognition, self-interest, economic freedom, meritocracy, work ethic, consumer sovereignty, profit motive, meritocracy, entrepreneurship, commodification, voluntary exchange, wage laborand the production of commodities.
The capitalist mode of production is characterized by private ownership of the means of production, extraction of surplus value by the owning class for the purpose of capital accumulation, wage-based labour and—at least as far as commodities are concerned—being market-based.
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(emphasis mine)
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