"Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, price system, private property, property rights recognition, voluntary exchange, ..."
"Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, price system, private property, property rights recognition, voluntary exchange, ..."
I view capitalism as operating in a "free" society where people can privately own businesses, property, per the definition above.
We are losing small businesses (competition is a characteristic of capitalism; that is being destroyed by the big monopolies that have formed; Amazon grew during pandemic while everyone else went under. (Medical/Hospitals/Physicians now are incorporated, Food is being incorporated (Big Ag), the internet is controlled by a few giants who run everyone else off; Zuckerberg, Bezos, Google). Power companies are conglomerates (First Energy bought all the little companies in the Eastern US. Maybe the newest term would be "Corporatism."
As Judge Jeannine says, "that's all I have to say"
I agree that Corporatism is a good term to use, especially if it helps to avoid debates as to what capitalism is and is not. There are different views about that among economists. In this country, we have been indoctrinated for decades to equate capitalism with freedom, even though most working people are more exploited than free. And even though the system is rigged against a level playing field and fair competition. Whenever a system is based on consolidation of wealth and resources, whether by private individuals or the state, it will by definition be inequitable. And when people rise up against that inequity, they can be met with either conciliation (as with FDR) or authoritarianism, as in our current political climate.
Capitalism is not the only form of a market economy. It’s a particular type of market where you are allowed to profit off of another’s labor and make money through the sheer gravitational pull of the money you already have. Consensual slavery basically.
"Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, price system, private property, property rights recognition, voluntary exchange, ..."
I view capitalism as operating in a "free" society where people can privately own businesses, property, per the definition above.
We are losing small businesses (competition is a characteristic of capitalism; that is being destroyed by the big monopolies that have formed; Amazon grew during pandemic while everyone else went under. (Medical/Hospitals/Physicians now are incorporated, Food is being incorporated (Big Ag), the internet is controlled by a few giants who run everyone else off; Zuckerberg, Bezos, Google). Power companies are conglomerates (First Energy bought all the little companies in the Eastern US. Maybe the newest term would be "Corporatism."
As Judge Jeannine says, "that's all I have to say"
I agree that Corporatism is a good term to use, especially if it helps to avoid debates as to what capitalism is and is not. There are different views about that among economists. In this country, we have been indoctrinated for decades to equate capitalism with freedom, even though most working people are more exploited than free. And even though the system is rigged against a level playing field and fair competition. Whenever a system is based on consolidation of wealth and resources, whether by private individuals or the state, it will by definition be inequitable. And when people rise up against that inequity, they can be met with either conciliation (as with FDR) or authoritarianism, as in our current political climate.
Capitalism is not the only form of a market economy. It’s a particular type of market where you are allowed to profit off of another’s labor and make money through the sheer gravitational pull of the money you already have. Consensual slavery basically.