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"So what's your definition of capitalism?" - Mutual, voluntary free economic association of trade in commodity, time and subjective value. The original definit
by vegancap 12y ago
"So what's your definition of capitalism?" - Mutual, voluntary free economic association of trade in commodity, time and subjective value.
The original definition was prior to that, first used by Anne-Robert-Jacques Turgot in a positive, anti-feudalist sense.
Those two are components of Capitalism, but by no means is is inclusive of the concept of central governance. When banks are centralised, they aren't privately owned.
When the money and currency itself is printed and distributed by a central regime, it isn't private. So when the value itself isn't private, then ownership of capital isn't private.
The terminology to best describe this hybrid of centralised ownership of currency and labor and partial free-markets are better described as 'Corporatism' or to be more brutal an 'Oligarchy'.
- asgard1024 12y ago> The original definition was prior to that, first used by Anne-Robert-Jacques Turgot in a positive, anti-feudalist sense. I think you're wrong. I looked around the Internet and it really seems that the word "capitalism" originated from "capitalist", first used by Marx in Communist Manifesto. See e.g. https://answers.yahoo.com/question/index?qid=1005122700456 https://answers.yahoo.com/question/index?qid=1005122700456 (I would be interested to see exact quote from Turgot, that uses the word.) What you describe was called "economic freedom" or "economic liberalism". And I already said that, when I mentioned "free market". Markets obviously are prerequisite for capitalism, but they don't have to be free in this sense.
- TheCoelacanth 12y agoYou're describing laissez-faire capitalism, which is a subset of unqualified capitalism. Any system where all or most of the means of production are privately owned and operated for profit is a form capitalism, regardless of what the government does to manipulate the market.