Thursday, September 3, 2009

Economic & Social Ideologies: Capitalism

Capitalism usually refers to an economic & social ideology “in which investment in & ownership of the means of production, distribution, & exchange of wealth is made & maintained chiefly by private individuals or corporations.” In other words, you earned it, you keep it. “Labor, goods, & capital are traded in a market; profits are distributed to owners or invested in new technologies & industries; & wages are paid to labor.

Economists usually put emphasis on the market mechanism, degree of government control over markets (laissez faire), & property rights, while most political economists emphasize private property, power relations, wage labor, & class.



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