capitalism
a political ideology and economic system based on private property, market competition, and profit. In this system, prices and the distribution of goods are determined by market forces. Proponents of capitalism emphasize the role of private individuals and corporations in economic decision-making. During the Cold War, the contrast between the capitalist, market-driven economic systems of the United States and its allies and the state-driven, communist economies of Warsaw Pact nations was a central basis of ideological competition.