free enterprise vs. capitalism

free enterprise

[ free-en-ter-prahyz ]show ipa

noun

1. an economic and political doctrine holding that a capitalist economy can regulate itself in a freely competitive market through the relationship of supply and demand with a minimum of governmental intervention and regulation.
2. the practice of free enterprise in an economy, or the right to practice it.

capitalism

[ kap-i-tl-iz-uhm ]show ipa

noun

1. an economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations, especially as contrasted to cooperatively or state-owned means of wealth.