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by weatherlight
969 days ago
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exactly, "private ownership of the means of production...." that's an important distinction. It also says, "Central characteristics of capitalism include capital accumulation, competitive markets, price systems, private property, property rights recognition, voluntary exchange, and wage labor." Literally the next sentence. I'd rather not argue the very well understood definition of Capitalism. You can't have wage labor unless you have money as a construct. |
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That sentence just clarifies what the first sentence implicitly requires, as you cannot trade for profit unless you have property rights, etc.