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capitalism: 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. Tha
by cmurf 10y ago
capitalism: 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.
That's the dictionary definition. What you're talking about is "the free market" - which is not the same thing as capitalism.
- sjclemmy 10y agoIf we are nit picking... What I am talking about is free market capitalism. The definition you quote talks about trade and industry - which we can reduce down to calling the means of production. Capitalism is about ownership of the means of production for private gain. It doesn't exclude government ownership of resources / means of production or indeed and perhaps most importantly the money system. I think you could even argue that public ownership of the money system facilitates the capitalist economy. What does the central bank / federal reserve do?