Capitalism is an economic system based on the private ownership of capital goods and the means of production, with the creation of goods and services for profit. Elements central to capitalism include capital accumulation, competitive markets, and a price system. There are multiple variants of capitalism, including laissezfaire, welfare capitalism, and state capitalism. Capitalism is considered to have been applied in a variety of historical cases, varying in time, geography, politics, and culture. There is general agreement that capitalism became dominant in the Western world following the demise of feudalism.