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Capitalism Capitalist economic practices became institutionalized in England between the 16th and 19th centuries, although some features of capitalist organization existed in the ancient world, and early forms of merchant capitalism flourished during the Middle Ages.[6][7] Capitalism has been dominant in the Western world since the end of feudalism.[6] From Britain it gradually spread throughout Europe, across political and cultural frontiers. In the 19th and 20th centuries, capitalism provided the main, but not exclusive, means of industrialization throughout much of the world.[8] The concept of capitalism has limited analytic value, given the great variety of historical cases over which it is applied, varying in time, geography, politics and culture, and some feel that the term "mixed economies" more precisely describes most contemporary economies.[9][10] Some economists have specified a variety of different types of capitalism, depending on specifics of concentration of economic power and wealth, and methods of capital accumulation.[8] The "capitalist mixed economy" is the main capitalistic system, where the state intervenes in market activity and provides some services. Other systems include laissez-faire, where the state plays a minimal role and anarcho-capitalism where the market and private enterprise are completely free from the state which is nonexistent. During the last century capitalism has been contrasted with centrally planned economies, such as Marxian economies. The term capitalism was most likely coined in the mid-19th century by Karl Marx. Other terms sometimes used for capitalism, include
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