Quote:
Originally Posted by greywar
Google "capitalism definition" and you get the definition I provided. Please feel free to argue with dictionary.com.
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Capitalism | Define Capitalism at Dictionary.com
noun
1.
an economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations, especially as contrasted to cooperatively or state-owned means of wealth.
Capitalism Definition | Investopedia
DEFINITION OF 'CAPITALISM'
A system of economics based on the private ownership of capital and production inputs, and on the production of goods and services for profit. The production of goods and services is based on supply and demand in the general market (market economy), rather than through central planning (planned economy). Capitalism is generally characterized by competition between producers. Other facets, such as the participation of government in production and regulation, vary across models of capitalism.
Definition of Capitalism
"Capitalism" is conventionally defined along economic terms such as the following:
An economic system in which the means of production and distribution are privately or corporately owned and development is proportionate to the accumulation and reinvestment of profits gained in a free market.
Source: Dictionary.com
^^^^the above clearly explains capitalism as an economic principal.
This is an example of a definition by non-essentials.
An essential definition of capitalism is a political definition:
Capitalism is a social system based on the principle of individual rights.
Source: Capitalism.org
^^^^This would include the United States and other Democracies.....not every governmental structure.
In order to have an economic system in which "production and distribution are privately or corporately owned", you must have individual rights and specifically property rights. The only way to have an economic system fitting the first definition is to have a political system fitting the second definition. The first is an implication of the second.
Because the second, political, definition is fundamental and the cause of the first, it is the more useful definition and is preferable.
Because people often use the term "Capitalism" loosely, "Laissez Faire Capitalism" is sometimes used to describe a true Capitalist system. But this phrase is redundant.
It is important to define "Capitalism" correctly because a proper definition is a prerequisite to a proper defense. Capitalism is the only moral political system because it is the only system dedicated to the protection of rights, which is a requirement for human survival and flourishing. This is the only proper role of a government. Capitalism should be defended vigorously on a moral basis, not an economic or utilitarian basis.
Definition of Capitalism
^^^^the above applies to the US, but not every form of capitalism. I doubt communist countries share the same benefits Americans do.
Neither of us are incorrect.