What is capitalism?

[steve_bank]

Like most political terms the meaning of capitalism changes and needs context.

There are positives and negatives to free market capitalism. On the plus side all the technology from refrigerators to computes evolved through a competitive process. IBM is still here. Digital Equipment Corp, Daisy, Mentor Graphics, Commodore are not.

On the minus side those with capital have no obligation to do something directly beneficial for the population. People want the NFL so billion dollar stadiums are built while we have housing and hospital problems.

To some capitalism is the oppressive corporation with a foot on the neck of the people. To others free market capitalism means staring a small business.

The Apples and Mircosofts of the world are only part of it.

Who founded Famous Amos on Shark Tank?
Wally Amos
Wally Amos walked into season 8, episode 3 of "Shark Tank" hoping to win an investment, but he was no young businessman new to running a company, nor was he a novice inexperienced in the world of cookies. In fact, the 80-year-old entrepreneur was already a cookie legend: He was the man who founded Famous Amos in 1975.Nov 2, 2023

Dell was started by a kid making motherbords.

Laisseez-Faire Capitalism. Our republican conservatives are LFC

What is the laissez-faire capitalism?

What Is a Laissez-Faire Economy, and How Does It Work?

Laissez-faire is an economic philosophy of free-market capitalism that opposes government intervention. The theory of laissez-faire was developed by the French Physiocrats during the 18th century. Laissez-faire advocates that economic success is inhibited when governments are involved in business and markets.

I believe Adam Smith wrote ideal capitalism is based on an equal opportunity to compete for resources, but of course that never happens completly.

What Marx saw as capitalism in his day is not what we see as free market capitalism today.

In the days of Marx where owners of means of production were a ruling class and wielded direct power of employees.

In more modern times Apple was started in a garage by two guys. Same with HP, Hewlett and Packard started out making electronic instruments in a garage,

Today anyone cam start a business, it is not limited to an aristocratic class. Big difference.

Marx was correct in his analysis of his times, but his framework no longer applies. There are die hard Marxists who hang onto the old terms and categories.


China is still the Chinese Communist Party but in name only They have almost totally gone over to a form free market capitalism and individual entrepreneurship.


What do yiu think? Evil empire or or what?

 

[Politesse]

We've done this a few times:

What Do Socialism and Capitalism Mean to You

What do socialism and capitalism mean to you and has your understanding of these words changed since you first encountered them?

iidb.org

Re-Framing Capitalism

I have a bit of time to kill this morning so I'm going to draw out a few of my thoughts on this topic. If we take the textbook definition of capitalism we get: an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by...

iidb.org

Why Capitalism is our Predominant Economic Model

I have a few minutes to spare this morning so am going to take a stab at drawing out my thoughts on this topic. I'll try to be a little more brief than I was in my thread Re-Framing Capitalism, and I may not be as active in this thread as I was that one. My thinking here springs from the...

iidb.org

Communism and Capitalism: True Opposites?

Just some hurried thoughts in between numerous meetings, so bear with me if this is a bit jumbled. I've been listening to a lot of US news lately, owing to the resumption of my long commute and the fact that talk radio is the only bearable option on the dial. One of my local stations does...

iidb.org

 

[steve_bank]

We've done this a few times:

What Do Socialism and Capitalism Mean to You

What do socialism and capitalism mean to you and has your understanding of these words changed since you first encountered them?

iidb.org

Re-Framing Capitalism

I have a bit of time to kill this morning so I'm going to draw out a few of my thoughts on this topic. If we take the textbook definition of capitalism we get: an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by...

iidb.org

Why Capitalism is our Predominant Economic Model

I have a few minutes to spare this morning so am going to take a stab at drawing out my thoughts on this topic. I'll try to be a little more brief than I was in my thread Re-Framing Capitalism, and I may not be as active in this thread as I was that one. My thinking here springs from the...

iidb.org

Communism and Capitalism: True Opposites?

Just some hurried thoughts in between numerous meetings, so bear with me if this is a bit jumbled. I've been listening to a lot of US news lately, owing to the resumption of my long commute and the fact that talk radio is the only bearable option on the dial. One of my local stations does...

iidb.org

All that work to find all those posts, and yet again one of your non answers.

 

[rousseau]

We've done this a few times:

Why Capitalism is our Predominant Economic Model

I have a few minutes to spare this morning so am going to take a stab at drawing out my thoughts on this topic. I'll try to be a little more brief than I was in my thread Re-Framing Capitalism, and I may not be as active in this thread as I was that one. My thinking here springs from the...

iidb.org

IMO, the answer in this one is pretty good, but I might be biased.

 

[JohnG]

The idea that capitalism overlays with our natural tendencies is a flawed notion.

It has as much scientific merit as a paleo diet.

 

[Politesse]

A system of digital currency is no more or less "natural" than any other cultural artifact.

 

[steve_bank]

What Is Capitalism?

Free markets may not be perfect but they are probably the best way to organize an economy

www.imf.org

The essential feature of capitalism is the motive to make a profit. As Adam Smith, the 18th century philosopher and father of modern economics, said: “It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.”

 

[bilby]

Free markets are very definitely imperfect, and while they are also the best way to organise large parts of an economy, there are other large parts of any economy that cannot, and others that should not, be organised in that way.

Free markets are an excellent way to ensure efficient distribution of retail goods and services.

They are a poor way to ensure efficient provision of essentials, because poor people will suffer privation without at least some government intervention in the free market model.

They are a disastrous way to manage infrastructure, because free markets are terrible at long term strategic planning.

And they are completely incapable of managing healthcare, education, defence, or law and order, because these are essential services whose consumers do not actively want them.

The worst idea in history is the idea that one single economic management technique can be the best choice in all situations.

Frying eggs is the best way to cook eggs. Frying bacon is the best way to cook bacon. Frying sausages is the best way to cook sausages. Fried bread tastes great. Frying may be the best of all the cooking methods.

This does NOT imply that we must also fry our cornflakes, our ice-cream, or our chocolate.

Nor does it imply that we must fry our books, our televisions, or our pets.

No idea is so fantastic that it can be applied to everything. Anyone who tells you otherwise is a fucking idiot. (Or a libertarian, but I repeat myself).

 

[JohnG]

Free markets are very definitely imperfect, and while they are also the best way to organise large parts of an economy, there are other large parts of any economy that cannot, and others that should not, be organised in that way.

Free markets are an excellent way to ensure efficient distribution of retail goods and services.

They are a poor way to ensure efficient provision of essentials, because poor people will suffer privation without at least some government intervention in the free market model.

They are a disastrous way to manage infrastructure, because free markets are terrible at long term strategic planning.

And they are completely incapable of managing healthcare, education, defence, or law and order, because these are essential services whose consumers do not actively want them.

The worst idea in history is the idea that one single economic management technique can be the best choice in all situations.

Frying eggs is the best way to cook eggs. Frying bacon is the best way to cook bacon. Frying sausages is the best way to cook sausages. Fried bread tastes great. Frying may be the best of all the cooking methods.

This does NOT imply that we must also fry our cornflakes, our ice-cream, or our chocolate.

Nor does it imply that we must fry our books, our televisions, or our pets.

No idea is so fantastic that it can be applied to everything. Anyone who tells you otherwise is a fucking idiot. (Or a libertarian, but I repeat myself).

Yes and it really shouldn't be difficult to assess which method of distribution should apply to any demand or need.

Any govt that says education or health care should be privatized for example should not be taken seriously by anyone.