1 definition by Bob Smith23124
Sorry Uberman-you are mistaken. Capitalism is not based on greed, but rather based on the idea that the fruit of a man's labor belong to that man to decide how to use. It simplifies the barter system, by standardizing the trade mechanism into a form of "capital" (hence the term).
With capitalism, if I grow a better crop, I get to keep that crop and trade it for capital, which I can then use to purchase things I need. Rather than have to trade my wheat for chickens I don't need, to trade those for the iron I do need.
Under socialism or communism, individuals do not own/control the fruit of their labor, but rather the community or the Government does.
Not a very good thing.
Perversion of anything is bad...but don't blame the mechanism for the faults of humans.
With capitalism, if I grow a better crop, I get to keep that crop and trade it for capital, which I can then use to purchase things I need. Rather than have to trade my wheat for chickens I don't need, to trade those for the iron I do need.
Under socialism or communism, individuals do not own/control the fruit of their labor, but rather the community or the Government does.
Not a very good thing.
Perversion of anything is bad...but don't blame the mechanism for the faults of humans.
Communism is where the government controls what's produced, socialism OWNS what's produced, and capitalism says "I earned it-it's mine...now bite me"
by Bob Smith23124 November 16, 2006