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 capitalism, individuals or businesses own and control the means of production, distribution, and exchange of goods and services with the primary goal of earning profits. This system encourages competition and innovation, as businesses strive to meet consumer demands and maximize their profitability.

In contrast, socialism generally involves collective or governmental ownership of the means of production, with an emphasis on distributing resources based on need rather than profit. Communism takes this a step further by advocating for a classless society where all property is publicly owned, and each person works and is paid according to their abilities and needs, eliminating private ownership altogether. Meritocracy, while not an economic system, refers to a societal system where individuals are rewarded based on their abilities and merits, rather than wealth or social status.

Overall, the main distinguishing feature of capitalism is the emphasis on private or corporate ownership, which drives economic activity and personal financial incentives.