Post
Topic
Board Bitcoin Discussion
Re: Bitcoin Was Perfect...............And Then Came The Utopians!
by
LostDutchman
on 15/11/2013, 11:38:29 UTC
I'm sick and tired of people talking about how great Capitalism is when you don't have a clue what it IS.

Capitalism is an economic system based on borrowing money from BANKS at INTEREST to finance investment activity, and more recently consumer spending.  THAT IS ALL

It is NOT Entrepreneurship
It is NOT Free-Markets
It is NOT Industrialism

Yes in America we have all four and people have mashed all of them together in their minds into a kind of Monolith which is above reproach.  But if you dice it out, you'll see that the benefits have all come from the latter Three causes, while Capitalism has essentially been a parasitic activity siphoning off some of the wealth production from the others.

Well, Comrade, that is certainly a new twist on the accepted definition of the term; one I have seen only in socialist and leftist literature and occasionally shouted from soapboxes in the park, much to the annoyance of passersby.

I would suggest that the following definition of the term is much more accurate and to the point:

"Definition of 'Capitalism'

An economic system based on a free market, open competition, profit motive and private ownership of the means of production. Capitalism encourages private investment and business, compared to a government-controlled economy. Investors in these private companies (i.e. shareholders) also own the firms and are known as capitalists.
    
In such a system, individuals and firms have the right to own and use wealth to earn income and to sell and purchase labor for wages with little or no government control. The function of regulating the economy is then achieved mainly through the operation of market forces where prices and profit dictate where and how resources are used and allocated. The U.S. is a capitalistic system."

http://www.investopedia.com/terms/c/capitalism.asp

My $.02.

Wink