I’d like to start a new thread focused on this topic.
This is an attempt at trying to understand a different point-of-view. I admit that I was, until recently, unaware that anyone would try to claim that “Capitalism” is a natural state of affairs. What happens between people in the absence of government.
This leads me to a few questions.
Would you agree that the function of capitalism is to create a good or service and sell it for profit to make money ostensibly to use that money to buy other goods and services that the seller needs or wants?
Before we get too far along, I think it best to get some opinions on how people here define Capitalism. Can you do that for me/?
You can define it yourself, or point to a reference. I’ve gone ahead and grabbed a few off the web, you can agree or define it or quote something else.
The internet dictionary defines it as “an economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state.”
Capitalism is an economic system in which private individuals or businesses own capital goods. The production of goods and services is based on supply and demand in the general market—known as a market economy—rather than through central planning—known as a planned economy or command economy.
The purest form of capitalism is free market or [laissez-faire] capitalism. Here, private individuals are unrestrained. They may determine where to invest, what to produce or sell, and at which prices to exchange goods and services. The laissez-faire marketplace operates without checks or controls.
Today, most countries practice a mixed capitalist system that includes some degree of [government regulation]
The business dictionary:
An economic system based (to a varying degree) on private ownership of the factors of production (capital, land, and labor) employed in the generation of profits. It is the oldest and most common of all economic systems and, in general, is synonymous with a free-market system.
- What does capitalism require (or reject) to operate correctly in your opinion?