Capitalism is an economic system in which land, capital goods, and other resources, are owned, operated and traded by private individuals or corporations for the purpose of profit. In a capitalist system, private control of these productive enterprises is protected by the rule of law. A capitalist legal system protects the exchange and distribution of capital between legal or private persons, which is driven by competition and profit-maximization,[1][2] and where investments, distribution, income, production and pricing of goods, commodities and services are determined by private decision in a market economy[3] rather than through central economic planning by the state. Human labor power is for sale in the market as one of the many commodities.[1] Pure capitalism, conceived as a self-regulating and self-adjusting economy which does not have significant economic intervention by government[4] has never existed in practice.[5] In a "capitalist mixed economy," the government owns some industries, exercises significant control over some others and also is a major employer.
In capitalist systems, goods and services, including those regarding the most basic necessities of life, are produced for profitable exchange.[1] Capitalism is originally defined as a mode of production, where it is characterized by predominantly private ownership of the means of production, distribution and exchange in a mainly market economy.[6][page # needed] According to Marxist analysis, a core requirement of a capitalist society is that a large portion of the population must not possess sources of self-sustainment that would allow them to be independent, and must instead be compelled, in order to survive, to sell their labor for a living wage.[7][8] Capitalism is usually considered to involve the right of individuals and businesses to trade, incorporate, and employ workers, in goods, services (including finance), labor and land.[3] In modern "capitalist states", legislative action is confined...