@freemo @freeschool I feel a definition along the lines of "An economic system in which trade and production is organised by private entities (individuals or companies) to make profit" to be what I'd shortly describe as capitalism.
I wouldn't use it as a catch-all term, plenty of economic systems do not fall within such definition. But a socialist nation would definitely fall within the definition. Keynes argues for government spending in order to make the economy work better, and I never heard anyone say that Keynesian economics is not capitalist. Germany has a bunch of social programs, aids and public infrastructure, but it still is a capitalist economy. China... I don't know anyone who would argue it is not a capitalist country at the moment.
The Soviet union would not fall under that definition of a capitalist economy, current days Cuba also wouldn't.
Embed Notice
HTML Code
Corresponding Notice
- Embed this notice
rastinza@qoto.org's status on Saturday, 11-Jan-2025 08:10:45 JSTrastinza