Capitalism
From Hobson's Choice
this article is under construction
A system of economic management in which the means of production is entirely, or mostly, owned by individuals for the purpose of profit-making. A corollary is that the state is ideologically responsive to the interests of those who own capital, to the exclusion of hostile interest groups. Hence, while capitalism is not the same thing as a free market economy, it does incorporate some political implications.
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Context
A fundamental proposition of classical liberalism is that property rights are a natural and inevitable right that have only be challenged under extraordinary tyrannies. A further corollary is that markets in land, labor, and capital are fluid; owners of finance capital can bid on all of these.
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External Links
- Pete Barile, Axinn, Veltrop & Harkrider LLP, Supreme Court Preview -- Resale Price Maintenance, American Constitutional Society ACSBlog (26 March 2007; via Prometheus6)
- John R. Commons, Legal Foundations of Capitalism, University of Wisconsin Press (1957/1924)
