Free trade is “I possess a good or service, and we have agreed that I will exchange it with you for a price.”
Capitalism is “I possess capital (money, value), and I have built a scheme where I exchange a tiny bit of that capital for other people’s work, where that work generates large profits that go to me.”
Free trade is between the seller and the buyer. Capitalism is the wealthy exploiting the non-wealthy.
Can you provide a source for that definition of capitalism?
Genuinely asking, as it’s not the definition I have historically heard, and while I can find things that argue that what you are saying is an inevitable byproduct of unregulated capitalism, I can’t find anywhere that says those problems are a requirement for a system to be called capitalism.
As far as I can tell, if there is free trade and money/capital is owned and managed by private citizens, then that meets every formal definition of capitalism I have been able to find.
“Late stage capitalism” I think carries the connotations that you have outlined, but not capitalism in general.
Free trade is “I possess a good or service, and we have agreed that I will exchange it with you for a price.”
Capitalism is “I possess capital (money, value), and I have built a scheme where I exchange a tiny bit of that capital for other people’s work, where that work generates large profits that go to me.”
Free trade is between the seller and the buyer. Capitalism is the wealthy exploiting the non-wealthy.
Can you provide a source for that definition of capitalism?
Genuinely asking, as it’s not the definition I have historically heard, and while I can find things that argue that what you are saying is an inevitable byproduct of unregulated capitalism, I can’t find anywhere that says those problems are a requirement for a system to be called capitalism.
As far as I can tell, if there is free trade and money/capital is owned and managed by private citizens, then that meets every formal definition of capitalism I have been able to find.
“Late stage capitalism” I think carries the connotations that you have outlined, but not capitalism in general.
Karl Marx