All 3 Uses
capitalism
in
Freakonomics
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- When he published The Theory of Moral Sentiments in 1759, modern capitalism was just getting under way.†
p. 14.1 *capitalism = an economic system based on voluntary exchange in a competitive environment with private ownership of property and businesses
- We accept as a verity of capitalism that someone (usually an expert) knows more than someone else (usually a consumer).†
p. 64.6
- In other words, a crack gang works pretty much like the standard capitalist enterprise: you have to be near the top of the pyramid to make a big wage.†
p. 100.6capitalist = one who believes in an economic system based on voluntary exchange in a competitive environment with private ownership of property and businesses
Definitions:
-
(1)
(capitalism) an economic system based on voluntary exchange in a competitive environment with private ownership of property and businessesProponents of capitalism argue that voluntary exchanges tap into people’s local knowledge and natural self-interest, channeling millions of everyday decisions into broader benefits for society. At the same time, most of them also support a role for government in addressing problems that “pure” capitalism handles poorly—such as monopolies, shared costs and benefits like pollution and national defense, and providing a safety net for those who are hit by bad luck.
- (2) (meaning too rare to warrant focus)