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by dragonwriter
2196 days ago
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> Capitalism is buyer/seller/marketplace in lawful, competitive tension. > A captured market is cartels, not capitalism. No, capitalism is the economic system, dominant in the mid-19th century developed West, characterized by private ownership and unrestricted control of the means of production, and “capitalist” can refer either to a supporter of that system or member of the upper class in that system or similar systems which have priavte, though more restricted in use, ownership of the means of production, defined by deriving sustenance mainly from returns on their ownership of the means of production. Capitalism has a strong tendency toward cartels and capitalists (in the second sense) tend to seek to capture markets (to have, in the words of startup culture, a “moat”). Efforts to limit the free employment of capital to limit the development of monopolies/oligopolies/cartels were, along with the imposition of various basic rights for labor which also limit the free employment of capital, among the reactions against capitalism that became prevalent during the peak of the capitalist period and which propelled the progression from capitalism proper to the modern mixed economy. |
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Capitalism is the worst thing going except pretty much everything else.
Focus on the feedback loops that keep the markets fair for your Pareto optimal operating point.