- Joined
- Mar 22, 2020
- Messages
- 53
- Reaction score
- 9
- Gender
- Male
- Political Leaning
- Libertarian - Right
The other day I was watching a YouTube video discussing a TV show. They claimed the show was anti-capitalism because it showed the government tricking/forcing some local people out of their land in order to hand it over to a company who would presumably strip mine it. That's not capitalism. Capitalism would be the company offering money for the land, and if the locals reject the offer, then that's the end of the story.
It seems people associate capitalism with any economic activity and with any private individual or firm making a profit. This is not so. Capitalism is simply when property is held and controlled in private hands. If I start a charity, solicit donations and then use the money to buy food and medicine for the poor, that's capitalism. If I own a piece of land and I make it a nature preserve, that's capitalism.
I often see criticisms of capitalism regarding crimes committed by wealthy people or firms to advance their interests. That's not capitalism, that's just a crime. If a company decides to cut costs so they can lower their prices below the competition that's capitalism. If a company decides to burn down the factory of their competition, that's a crime.
The latest academic trend is to say that slavery is somehow a part of capitalism. They talk about how slaves were considered "property" and were bought and sold and used to make the slave owner a profit. These superficial terms give the impression that slavery is akin to a free market firm doing business, but this is the opposite of the truth. The ultimate in private property is ownership of your own person. You cannot alienate (transfer control of) your body, so no one other than you can own yourself. Thus slavery is a violation of private property rights and not at all compatible with capitalism.
What other ways is capitalism mischaracterized?
It seems people associate capitalism with any economic activity and with any private individual or firm making a profit. This is not so. Capitalism is simply when property is held and controlled in private hands. If I start a charity, solicit donations and then use the money to buy food and medicine for the poor, that's capitalism. If I own a piece of land and I make it a nature preserve, that's capitalism.
I often see criticisms of capitalism regarding crimes committed by wealthy people or firms to advance their interests. That's not capitalism, that's just a crime. If a company decides to cut costs so they can lower their prices below the competition that's capitalism. If a company decides to burn down the factory of their competition, that's a crime.
The latest academic trend is to say that slavery is somehow a part of capitalism. They talk about how slaves were considered "property" and were bought and sold and used to make the slave owner a profit. These superficial terms give the impression that slavery is akin to a free market firm doing business, but this is the opposite of the truth. The ultimate in private property is ownership of your own person. You cannot alienate (transfer control of) your body, so no one other than you can own yourself. Thus slavery is a violation of private property rights and not at all compatible with capitalism.
What other ways is capitalism mischaracterized?