Capitalism is an economic system that became dominant in the Western world following the demise of feudalism.[1] There is no consensus on the precise definition nor on how the term should be used as a historical category.[2] There is general agreement that elements of capitalism include private ownership of the means of production, creation of goods or services for profit, competitive markets, and wage labor.[3][4] The designation is applied to a variety of historical cases, varying in time, geography, politics and culture.[5]