There is no consensus on capitalism, nor how it should be used as an analytical category. However, it is generally accepted that private ownership of the means of production, the creation of goods or services for personal gain in a market (free or fettered), prices (money or barter), and labour (paid or enslaved) are elements of capitalism.
Capitalism is thought to be a system that developed incrementally from the 14th century in Europe, however capitalist organizations existed in the ancient world, and early aspects of merchant capitalism flourished during the Late Middle Ages. Capitalism (as an undefined concept) became dominant in the Western world following the demise of feudalism. Capitalism gradually spread throughout Europe, and in the 19th and 20th centuries.
The term capitalist refers to an owner of capital rather than an economic system. Karl Marx's notion of the capitalist mode of production is characterised as a system of primarily private ownership of the means of production in a mainly market economy, with a legal framework on commerce and a physical infrastructure provided by the state.
Source: Wikipedia
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