Capitalism is the economic/political theory in which it is assumed that all men are selfish and look to achieve one's self interest rather than altruism assuming that if each individual wishes to do well, he or she will do as well as his or her ability will so allow (survival of the fittest).
There are extreme equity issues with capitalism, but it still remains the best economic system used to date using the modern standard. While true equality is only a dream in modern liberal democracy, the lowest class is still better off than the lowest class in other economic systems.
In the meantime, many live without the luxuries of the wealthy. However the fact that most can live in a middle class in relative comfort supports the benefit for the greatest amount of people. Realistically, somebody will always be proletariat (bottom feeder).
There are extreme equity issues with capitalism, but it still remains the best economic system used to date using the modern standard. While true equality is only a dream in modern liberal democracy, the lowest class is still better off than the lowest class in other economic systems.
In the meantime, many live without the luxuries of the wealthy. However the fact that most can live in a middle class in relative comfort supports the benefit for the greatest amount of people. Realistically, somebody will always be proletariat (bottom feeder).
by b_husher April 25, 2005
The current world is in capitalism.
by GUK February 10, 2006
by otters128 September 8, 2016
The social system that centers on the production and accumulation of wealth. Originates from the latin word "capita" which means "head" as in "heads of cattle".
Capitalism cannot easily fail, as it can rename "wealth" to whatever is suitable to ensure its survival.
by The eternal grunt May 27, 2004
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
A socioeconomic system based on financial subservience, minimalist government, the polarization of society, and the allocation of economic control to any number of petty, competing parties.
Usually coexists with commercialism and plutocracy.
Usually coexists with commercialism and plutocracy.
"By using the means of production, the workers produces new goods which become the property of the capitalist. It is important to understand that even in theory the payment of the worker is not determined by the value of his product. Private capital tends to become concentrated in few hands, partly because of competition among the capitalists, and partly because technological development and the increasing division of labor encourage the formation of larger units of production at the expense of smaller ones. The result of these developments is an oligarchy of private capital the enormous power of which cannot be effectively checked even by a democratically organized political society." - Albert Einstein
by Albie Wangsta March 26, 2004
Three words: Does not work. Of course, neither does communism, but since people are evil in nature, we'll pretty much never be happy.
Stalin to Russian government: "Maybe we should switch to capitalism" (Awkward silence)
Everyone: (roaring laughter)
Everyone: (roaring laughter)
by Dominik92 February 27, 2008