01925cas a2200229 a 4500 AALejournalIMF022057 230101c9999 xx r poo 0 0eng d 9781484320921 0015-1947 BD-DhAAL BD-DhAAL International Monetary Fund. Back to Basics : Economic Concepts Explained. Washington, D.C. : International Monetary Fund, 2017. 1 online resource (81 pages) Finance and Development <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper discusses about capitalism that is often thought of as an economic system in which private actors own and control property in accord with their interests, and demand and supply freely set prices in markets in a way that can serve the best interests of society. The essential feature of capitalism is the motive to make a profit. In a capitalist economy, capital assets-such as factories, mines, and railroads-can be privately owned and controlled, labor is purchased for money wages, capital gains accrue to private owners, and prices allocate capital and labor between competing uses. Although some form of capitalism is the basis for nearly all economies today, for much of the past century it was but one of two major approaches to economic organization. In the other, socialism, the state owns the means of production, and state-owned enterprises seek to maximize social good rather than profits. Mode of access: Internet Finance and Development; Finance and Development ; No. 2017/005 Full text available on IMF http://elibrary.imf.org/view/journals/022/2017/005/022.2017.issue-005-en.xml IMF e-Library