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Yes, but that doesn't mean they are the same. Capitalism is a way to describe market efficiency which is a good thing, but people are turning the word to mean
by RandomBacon 6y ago
Yes, but that doesn't mean they are the same. Capitalism is a way to describe market efficiency which is a good thing, but people are turning the word to mean a system where people hurt each other for profit.
I agree people shouldn't hurt each other, but that doesn't mean we should redefine a word and abandon a system of marketplaces.
- xnyan 6y agoYou see I disagree with your fundamental premise, capitalism is a means to amplify creation of money and wealth inequality which is a bad thing, but people sometimes use it for good to help each other.
- RandomBacon 6y agoThe definition of capitalism: an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market. I wish I could edit my first comment to include the definition. I hate inequality and people hurting others through abusive practices too.
- xnyan 6y agoThat’s what I would call the spiritual or religious definition. It’s followed by the philosophical followers of capitalism (economics majors and similar). The practical definition of capitalism is studied by the operational practitioners (business administration, executives) of capitalism and only superficially resembles the former.
- RandomBacon 6y agoI'm sorry; I am not well versed at making things up and passing it off as statements of fact.