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Yeah, I think we're debating the difference between "markets" and "capitalism." Capitalism, as opposed to other systems that also have markets, relies on proper
by reissbaker 6y ago
Yeah, I think we're debating the difference between "markets" and "capitalism." Capitalism, as opposed to other systems that also have markets, relies on property rights and competition. Feudalism also had markets; you can't just say anything with a market is capitalist. It doesn't meaningfully define anything — I guess, other than not being communism.
Econ does concern itself more with "markets" as opposed to "capitalism" (and hey, I've taken plenty of college econ classes, thanks), but that's because economics is the study of markets, not the study of capitalism.
"Your capitalism definition is designed to make it infallible"
*Wikipedia's capitalism definition, FTFY. I don't think their definition is designed to make capitalism seem "infallible." It's the consensus view of capitalism designed to distinguish it from other systems that also include markets. There are plenty of scholarly references for the definition linked in the page, written by notable economists (who have PhDs in economics).