Question: Which economic system based on private ownership of the means of production and their operation for profit was employed during the reign of Emporer Meiji?
Context: A mixed economy is defined as an economic system consisting of a mixture of either markets and economic planning, public ownership and private ownership, or markets and economic interventionism.  However, in most cases, "mixed economy" refers to market economies with strong regulatory oversight and governmental provision of public goods, although some mixed economies also feature a number of state-run enterprises. Participatory economics, often abbreviated pare-con, is an economic system based on participatory decision making as the primary economic mechanism for allocation in society.  In the system the say in decision-making is proportional to the impact on a person or group of people.  Participatory economics is a form of decentralized economic planning and socialism involving the common ownership of the means of production.  It is a proposed alternative to contemporary capitalism and central planning.  This economic model is primarily associated with political theorist Michael Albert and economist Robin Hahnel, who describe participatory economics as an anarchist economic vision. In Karl Marx's critique of political economy and subsequent Marxian analyses, the capitalist mode of production refers to the systems of organizing production and distribution within capitalist societies.  Private money-making in various forms (renting, banking, merchant trade, production for profit, etc.) preceded the development of the capitalist mode of production as such.  The capitalist mode of production proper, based on wage-labour and private ownership of the means of production, and on industrial technology, began to grow rapidly in Western Europe from the industrial revolution, later extending to most of the world. Capitalism is an economic system and an ideology based on private ownership of the means of production and their operation for profit.  Characteristics central to capitalism include private property, capital accumulation, wage labor, voluntary exchange, a price system and competitive markets.  In a capitalist market economy, decision-making and investment are determined by the owners of the factors of production in financial and capital markets, whereas prices and the distribution of goods are mainly determined by competition in the market. A decentralized-planned economy or decentrally-planned economy (occasionally horizontally-planned economy) is a type of economic system based on decentralized economic planning, in which decision-making is distributed amongst various economic agents or localized within production units.  Decentralized planning is held in contrast to centralized planning where economic information is aggregated and used to formulate a plan for production, investment and resource allocation by a central authority. An economic system is a system of production, resource allocation, and distribution of goods and services within a society or a given geographic area.  It includes the combination of the various institutions, agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community.  As such, an economic system is a type of social system.  The mode of production is a related concept.  All economic systems have three basic questions to ask: "what" to produce, "how" to produce and in what quantities, and "who" receives the output of production. Anarchism is generally defined as the political philosophy which holds the state to be undesirable, unnecessary, and harmful, or alternatively as opposing authority and hierarchical organization in the conduct of human relations.  The nature of capitalism is a polarizing issue among anarchists.  Capitalism is generally considered by scholars to be an economic system that includes private ownership of the means of production, creation of goods or services for profit or income, the accumulation of capital, competitive markets, voluntary exchange, wage labor, and has generally been opposed by anarchists historically.  Capitalism is variously defined by sources and there is no general consensus among scholars on the definition nor on how the term should be used as a historical category.  The designation is applied to a variety of historical cases, varying in time, geography, politics, and culture. Emperor Meiji (明治天皇 , Meiji-tennō , November 3, 1852 – July 30, 1912) , or Meiji the Great (明治大帝 , Meiji-taitei ) , was the 122nd Emperor of Japan according to the traditional order of succession, reigning from February 3, 1867 until his death on July 30, 1912.  He presided over a time of rapid change in the Empire of Japan, as the nation quickly changed from an isolationist feudal state to a capitalist and imperial world power, characterized by the Japanese industrial revolution. Ricardian socialism is a branch of classical economic thought based upon the work of the economist David Ricardo (1772–1823).  The term is used to describe economists in the 1820s and 1830s who developed a theory of capitalist exploitation from the theory developed by Ricardo that stated that labor is the source of all wealth and exchange value.  This principle extends back to the principles of English philosopher John Locke.  The Ricardian socialists reasoned that labor is entitled to all it produces, and that rent, profit and interest were not natural outgrowths of the free market process but were instead distortions.  They argued that private ownership of the means of production should be supplanted by cooperatives owned by associations of workers. Socialism is a social and economic system characterised by social ownership and democratic control of the means of production.  "Social ownership" may refer to public ownership, cooperative ownership, citizen ownership of equity, or any combination of these.  Although there are many varieties of socialism and there is no single definition encapsulating all of them, social ownership is the common element shared by its various forms.
Answer: Capitalism