Ahhh… So I’ve been avoiding this one for a while, partially because it is such a loaded thing and partially because it is well beyond my grasp. But, I’m going to take a stab at it, because life is effort and I’ll stop when I die. This will probably be a series building off of this theme because it is such a large subject. I am thinking to go over initial definitions here, impacts, three variations of capitalism that I know, and my own thoughts.
**Brief aside: If you do not wish to participate in a public forum (aka the comments), hate mail, questions, rants, and other forms of backlash can be addressed via PM. I will do my best to address whatever fault i may have made. Though I will mostly likely ignore you if I see no constructive benefit to the discussion or if you tell me “Please just stop”. Or because I’m lazy**
Capitalism (according to Investopedia): Capitalism is an economic system in which capital goods are owned by private individuals or businesses. The production of goods and services is based on supply and demand in the general market , rather than through central planning. What then is Capital? Capital refers to financial assets or the financial value of assets, such as cash and funds held in deposit accounts, as well as the tangible machinery and production equipment used in environments such as factories and other manufacturing facilities.
“Economy” should also be defined (again, Investopedia) as
the large set of inter-related production and consumption activities that aid in determining how scarce resources are allocated.
So Investopedia is great, but I will most likely use the following in the coming posts:
Economy – as a discipline, the study of value
Value – a subjectively perceived “good”
Capitalism – economic system in which the means of production fall into the hands of those with private stores of capital.
Capital – value or valuable goods that can be enumerated
Bonus!: Politics – as a discipline, the study of power
If I’ve already managed to offend my econ major friends, I’d like to know, but it honestly probably won’t change my trajectory. More to come soon?