What economic system is characterized by private or corporate ownership of capital goods?

The economic system characterized by private or corporate ownership of capital goods is capitalism. In a capitalist system, individuals and businesses own the means of production and operate for profit. This ownership allows for competition and investment, encouraging innovation and efficiency, as businesses strive to produce goods and services that consumers want and need.

Under capitalism, market dynamics primarily determine prices and production, and economic decisions are often driven by individuals' choices rather than centralized government planning. This system contrasts with socialism and communism, where the state usually owns or significantly controls capital and resources. Feudalism represents an entirely different structure, rooted in hierarchies of land ownership and obligations rather than the ownership of capital goods as understood in a modern economic sense. Through capitalism, a diverse range of goods and services can flourish, allowing for economic growth and personal entrepreneurial ventures.