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 or companies own and control resources and businesses with the aim of generating profit. This ownership allows for competition in a free market, where prices are determined by supply and demand. Capitalism encourages innovation and efficiency, as businesses aim to maximize their profits by responding to consumer needs and preferences.

In contrast, socialism is characterized by collective or governmental ownership of the means of production, where the goal is to distribute wealth more equally among the population. Communism goes a step further, advocating for a classless system in which all property is publicly owned and each person works and is paid according to their abilities and needs. Feudalism, on the other hand, is an economic system based on land ownership and a hierarchical structure of obligations and protections, typically seen in medieval societies, which doesn't align with the modern concept of capital goods.