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Right, he burned his other work. So, private property was certainly there before Smith, as were individual economic decisions. But, there was a lot more price

Right, he burned his other work. So, private property was certainly there before Smith, as were individual economic decisions. But, there was a lot more price standardization and government planned trade. So, is capitalism the same as a market economy? I feel like there are endless debates about capitalism and socialism but they are tribalized notions without clear definitions. Eg, are market regulations anticapitalist if they are government imposed or are they procapitalist if they support greater market health?

ch4s3 4y ago
> So, is capitalism the same as a market economy? Not exactly, but that is a necessary condition. I think another necessary condition is that prices are set by the market and that the state isn't deeply involved in trade. Obviously there are grey areas, but it seems pretty clear that the export focused state trade policies of mercantilism were not capitalism.