What Defines Capitalism


A major topic of debate among economists is whether Adam Smith was a proponent of capitalism. We argue that he was not, simply because his core ideas are very different from those of capitalism, which is merely mercantilism with slight or superficial changes. The source of the confusion is the unclear definition of the word 'capitalism'. The most concise definition is:

An economic system based on the private ownership of capital to produce goods and services for profit.

Based on this defintion, can we conclusively answer if the following are capitalist?

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