The Only Use of
capitalism
in
The Time Machine
- 'At first, proceeding from the problems of our own age, it seemed clear as daylight to me that the gradual widening of the present merely temporary and social difference between the Capitalist and the Labourer, was the key to the whole position.†
Chpt 5
Definition:
-
(capitalism) an economic system based on voluntary exchange in a competitive environment with private ownership of property and businesses
(with the belief that voluntary exchanges harness inborn self-interest in millions of decisions that benefit society)editor's notes: Most proponents of capitalism advocate that government intervene to handle problems "pure" capitalism does not handle well such as monopoly, shared costs and benefits (such as pollution or national defense), provision of a safety-net for those who are unlucky, ...