Mar 11, 2019
MY DEFINITION OF CAPITALISM CAPITALISM (NOUN): An economic system of free markets, which results when and where there is freedom from any forcible or coercive (viz., government) intervention in markets. No other economic system can possibly evolve from such freedom. Freedom, not capital, is the one and only indispensable element of capitalism. Capital is important but even without any capital to start an entrepreneur can acquire capital by profiting from engaging in free exchange. Private property is crucial, but only because it is a crucial element of freedom. Private property could exist in the absence of freedom, but freedom cannot...
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