All 3 Uses of
capitalism
in
Freakonomics
- 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
Definition:
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)
(with the belief that voluntary exchanges harness inborn self-interest in millions of decisions that benefit society)
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, ...