Editing Economic system (section)

=== Capitalism ===
[[Capitalism]] generally features the private ownership of the means of production ([[Capital (economics)|capital]]) and a [[market economy]] for coordination. [[Corporate capitalism]] refers to a capitalist marketplace characterized by the dominance of [[hierarchical]], [[bureaucratic]] [[corporation]]s.

[[Mercantilism]] was the dominant model in Western Europe from the 16th to 18th century. This encouraged [[imperialism]] and [[colonialism]] until economic and political changes resulted in global [[decolonization]]. Modern capitalism has favored [[free trade]] to take advantage of increased efficiency due to national [[comparative advantage]] and [[economies of scale]] in a larger, more universal market. Some critics{{who|date=August 2017}} have applied the term [[neo-colonialism]] to the power imbalance between multi-national corporations operating in a [[free market]] vs. seemingly impoverished people in [[Developing country|developing countries]].