Ask AI: By referring to 'Settler Capitalism' what does a term capitalism means?

Capitalism is an economic system where private entities own the factors of production. Ownership is acquired through a free market system. It's predicated on the principle of individual rights, a free marketplace, fair competition, and the rule of law. Profits derived from any kind of investment or hard work is seen as a reward for risk taken by the business owner. In the context of 'Settler Capitalism', it refers to a specific form of capitalism that emerged in societies where Europeans settled and displaced indigenous populations to establish a new society. This model relies heavily on the exploitation of new lands, resources, and sometimes the indigenous populations themselves. In the process, a market economy is created, based on commercial agriculture, land speculation, and the export of natural resources. This term is often used in discussions about the historical development of economies like the United States, Australia, and others.