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Capitalism is an economic system characterized by private ownership of the means of production, market-based exchange, and the pursuit of profit. In economic sociology, capitalism is not seen merely as an economic arrangement but as a social system embedded in institutions, cultural norms, and power relations. The main dimensions of capitalism can be understood through economic, social, political, cultural, and global perspectives. The first and most fundamental dimension is private property. In capitalist societies, individuals and corporations have the legal right to own and control resources such as land, factories, machinery, and intellectual property. This ownership gives them authority over production decisions and the distribution of profits. Private property creates clear distinctions between owners of capital and those who sell their labor. It also provides incentives for investment, innovation, and accumulation of wealth. The second dimension is the market mechanism. Capitalism relies on markets to allocate resources and determine prices ___ ______ ________ _____ ____ ________ _________ ____ ___ ________ ___.
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