After reading for this weekend, I think I have an idea of what capitalism kinda is. At the same time though, I'm a little confused and I'm not sure if I'm correct.
Anyways, the way I see it, capitalism is an economic system focused on markets and how the market works. Capitalism is a system that promotes the production and manufacturing of new goods through new techniques of manufacturing, promoted by competition between merchants that are fighting for higher and higher profits. It rests on the element of supply and demand - the amount of a product available and the actual need of the people for said product. It drove society in a more economic, financially based direction, and heightened the standard of life for those that it affected, as the profit generated by the system contributed to a generally wealthier public - for example, those in the country whose labor was used by merchants looking to produce more goods quickly and cheaply.
Looks to me like you have a pretty good definition going there. I'd add only that it assumes that everyone has an equal opportunity to make a profit, or at least compete for one.
ReplyDeleteand I'd add that the headings for the blog are, shall we say, slightly peevish lately? Hope things are looking up...summer is coming, you know!