Technology and Capitalism

Definition

Technology and capitalism refer to the relationship between technological advancements and capitalist economic systems. In a capitalist society, technology often drives economic growth by improving efficiency and productivity.

Related terms

Innovation: The process of translating an idea or invention into a good or service that creates value for which customers will pay.

Free Market: An economic system where prices are determined by unrestricted competition between privately owned businesses.

Entrepreneurship: The activity of setting up a business or businesses, taking on financial risks in the hope of profit.