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> Capitalism is simply the codification of a monetary transaction to which both parties agree. No, that's just a market. A necessary, but by no means sufficien
by bildung 11y ago
> Capitalism is simply the codification of a monetary transaction to which both parties agree.
No, that's just a market. A necessary, but by no means sufficient condition to label an economy capitalist. That's why the new word "capitalism" has been introduced to describe the difference.
- puredemo 11y agoPoint being, markets are inherently capitalistic. Would you disagree with that?
- aninhumer 11y agoMarkets don't necessarily have to involve property, which is generally considered a key element of capitalism. You could imagine (as a quick, not particularly explored example) a society where there's only a market for labour, and the state leases all durable goods, and sells or provides all consumables.
- bildung 11y ago> Point being, markets are inherently capitalistic. Would you disagree with that? Yes, absolutely. For a system to be capitalistic, you also have to have at least capital intensive means of production (hence the name), a real labor market and more or less free access to the market both as a consumer and a producer. Capitalism only started existing with the onset of the industrial revolution. Reductio at absurdum: A Greek citizen in 200 BC is buying fish from a fisherman, with coins, at freely decided prices. Thats the market at work, but no capitalism at all.