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> Isn't rent seeking the defining characteristic of capitalism? I wouldn't say the defining characteristic, but it certainly happens a lot, and is what Marx an
by Mikeb85 11y ago
> Isn't rent seeking the defining characteristic of capitalism?
I wouldn't say the defining characteristic, but it certainly happens a lot, and is what Marx and now Piketty warn about...
(rent seeking of course being the movement of capital to where it can obtain economic gain without any benefit to society)
- dnautics 11y agoI think it's a defining characteristic of Capital-ism - as in the belief that seeking the accumulation of capital for its own sake is strictly positive for society (which is closer to what Marx meant) but these days capitalism seems to lean more "free market"-ism, which doesn't care much for rent-seeking.