Original sentence: 2) Investment, distribution, and production decisions are privately determined.3) Prices are determined by trades that occur in a free or relatively-free market.4) A competitive environment exists that is favorable for owners of capital.Capitalism is an economic or social system typically regarded as being comprised of the following conditions: 1) The "means of production" or capital are privately or corporately owned and operated in order to obtain a profit.Noteable economists and political philosophers differ broadly in this regard.Others hold that it capitalism has existed in the past, such as in early America, but is no longer present.Probably most assert that it exists in some economies today.See definitions of capitalism for various published definitions.Some assert that capitalism has never been implemented.Some maintain that capitalism was institutionalized between time frames approximately corresponding to the period between the 16th and 19th centuries in Europe
Edited sentence: Capitalism is a system that rose to dominance in Europe between the 16th and 19th centuries and replaced feudalism and mercantilism.Most definitions of capitalism include some combination of the following: the right of individuals, or groups of individuals to act as corporations with distinct legal personality , to own and trade private property including capital goods and land in a competitive environment in the form of a free or relatively free market, where price and wages are determined by supply and demand, and where there is investment for profit, with risks being assumed by the investors and investment decisions being made privately; the state is relied upon to protect private property rights; explicit and implicit contractual obligations are adjudicated by the state or contractually specified third parties.There are many, sometimes contradictory, theories and definitions of capitalism that developed in the 19th century, in the context of the industrial revolution, and in the 20th century, in the context of the Cold War