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Capitalism is not a synonym for market economy. Capitalism is not the natural state of an economy. Like communism, it is a mode of political economy which emerg
by zztop44 4y ago
Capitalism is not a synonym for market economy. Capitalism is not the natural state of an economy. Like communism, it is a mode of political economy which emerged relatively recently, and if history is any guide it will be replaced by something else in due time.
- seunosewa 4y agoWhat's the difference between capitalism and a market economy?
- JackFr 4y agoCapitalism as characterized by permanent firms with private tradeable claims of ownership and separation of ownership from management is around 400 years old.
- zztop44 4y agoBut other elements, such as a wage labor market and global trade not being dominated by mercantilist states, are more recent. In any case, 400 years is relatively recent in terms of economic history.
- lostmsu 4y agoIf you count history in transaction volume or raw number of transactions, most of it occured after 1900.