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September 14, 2009

Confusing Capitalism With Markets

-- by Dave Johnson

Why do so many people confuse capitalism and markets? Capitalism is the system where a few people control the resources, etc., and the rest have to pay those people to use them. That's it, Period.

Markets are just systems where people trade things.

Posted by Dave Johnson at September 14, 2009 6:12 PM


Comments

I'd love to see the dictionary that has the word "few" included in the definition of capitalism. My guess is you just made your definition up out of your own head.

Here's the first sentence from Wikipedia:

Capitalism typically refers to an economic and social system in which the means of production (also known as capital) are privately controlled; labor, goods and capital are traded in a market; profits are distributed to owners or invested in new technologies and industries; and wages are paid to labor.

Posted by: monk [TypeKey Profile Page] at September 14, 2009 9:01 PM

"I'd love to see the dictionary that has the word "few" included in the definition of capitalism."

The one that looks at the real world.

Posted by: Dave Johnson [TypeKey Profile Page] at September 14, 2009 9:58 PM

Actually, monk is on to something. Dictionary capitalism can exist without the word "few" -- as long as the number of owners equals the number of customers. Hm, I wonder what THAT economic system would be called...

Posted by: secretmojo [TypeKey Profile Page] at September 15, 2009 5:26 PM

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