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capitalism (kap'·a·tal·iz·em) n. |
Capitalism (kap'·a·tal·iz·em) n. |
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1. A belief in the value of capital—the tools and resources which support human productivity: in a household, a business, or a community. 2. The practice of that belief through investment in capital. 3. An economic and political system which encourages such investments. |
1. A belief in the moral and practical superiority of very wealthy individuals and corporations. 2. The use of Capital to obtain greater Capital through financial manipulations or profit from the creative work of others. 3. A political system which encourages such practices. |
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Examples: Buying a more efficient refrigerator, a better power drill, a new computer. Building a brick patio. Purchasing new software or tools for one's business, extending the dining area at one's restaurant. Maintaining a national highway or fast rail system, maintaining a well-provisioned public health system, building schools, police and fire facilities, or public parks. |
Examples: Forcing unreasonable contracts on consumers. Undermining competitors instead of creating a better product. Endless mergers. Using encryption to lock consumers into your business. Creating worthless derivatives, then betting against them. Selling loans to people who can't afford them. Taking risks because you are too big to fail and can count on government bailouts. |
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Small-c capitalism can be practiced on all levels of a society, and government can encourage it at all levels in a variety of ways. It leads to a more productive, fairer, and more prosperous society in which the value of work is recognized and supported in all spheres. |
Capitalism benefits the financial elite and their lackeys, limiting others's ability to practice capitalism by hoarding resources. It leads to a less prosperous, less fair, and less productive society, in which work is devalued financially and spiritually, and simply endured until Friday evening. |
