The word “capitalism” was coined by the socialists, often used as a pejorative, and has historically described a system of state-granted privilege and plutocracy. This is the definition to which most people subscribe, and which I would argue prevails today. A contrary definition is one that is synonymous, or nearly synonymous with “free markets”. My best guess is that this “definition” is a the result of a revisionist attempt to hijack the term “free markets”.
Adam Smith, Karl Marx, Joseph Schumpeter & J.M. Keynes walk in to a bar...
Bill Wurst, the author of this post highlights these two competing definitions of “free market capitalism” and argues that the term is
not an oxymoron (although strictly speaking it may not be an oxymoron, I believe that it is certainly a null program). The first definition is prevalent in particular among American libertarians:
- In one sense, “free market capitalism” may be viewed as a system in which individuals make voluntary arrangements involving the exchange of capital.
Although Wurst does go further with this definition (every imaginable transaction) it’s silly and sloppy to put emphasis on “capital” when (and I think he’d agree here) a truly free market is a “system in which individuals make voluntary arrangements involving the exchange of
goods and services (i.e., not limited to “capital” but also to include non-capital goods, labor, land, etc.). Unfortunately, this definition of the term has never been widely accepted, and to this day 99 out of 100 people would probably not even come close to approximating this elegant definition.
The second definition of the term free market capitalism, he goes on to say:
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Esse comentário do Mark Perry do CARPE DIEM todos deveriam ler, portanto, colocarei na íntegra: I'm sure that you have had this experience before, or something similar to it. You are sitting at lunch in a nice restaurant or perhaps a hotel. Waiters...
Recebi do nosso grupo de Economia Política
o post completo que o escritor e jornalista Daniel Hannan publicou hoje em seu
blog no jornal The Telegraph. Trata-se de um texto muito bom na demonstração de
como funciona o capitalismo e confirma o que...
Sumário do novo livro de HA-JOON CHANG. 23 Things They Don’t Tell You about Capitalism. Ver entrevista do autor na Globonews no link abaixo http://globotv.globo.com/globonews/milenio/t/programas/v/economista-sul-coreano-avalia-os-desafios-do-atual-sistema-capitalista/2132771/...
The 10 Fundamental Principles of Economics:
People respond to incentives.
People face trade offs.
Rational people think within the margin.
Free trade is perceived mutual benefit.
The invisible hand allows for indirect trade.
Coercion magnifies market...
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