psikeyhackr
Silver Member
- Jul 18, 2010
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Capitalism
an economic system in which the means of production, such as land and factories, are privately owned and operated for profit. Usually ownership is concentrated in the hands of a small number of people. Capitalism, which developed during the Industrial Revolution, is associated with free enterprise, although in practice even capitalist societies have government regulations for business, to prevent monopolies and to cushion domestic industries from foreign competition. Opponents of capitalism say that the economy should be organized to serve the public good, not private profit. Supporters say capitalism creates wealth, which creates jobs, which create prosperity for everyone
socialism
a political system in which the means of production, distribution and exchange are mostly owned by the state, and used, at least in theory, on behalf of the people. The idea behind socialism is that the capitalist system is intrinsically unfair, because it concentrates wealth in a few hands and does nothing to safeguard the overall welfare of the majority. Under socialism, the state redistributes the wealth of society in a more equitable way, with the ideal of social justice replacing the profit motive. Socialism as a system is anathema to most Americans, although many social welfare programs like Medicare and Medicaid (once derided by their opponents as "socialized medicine") and Social Security are socialistic in effect, since they are controlled by the government and effect a measure of income redistribution that could not happen if market forces were the sole factor in the economic life of society.
But in reality the words and definitions are not the current reality and other factors may have changed society already.
Those definitions could be used before 1900 or since 1950 but how many things changed in between? In 1995 there were 200,000,000 automobiles in the United States. In 1900 there were only 8,000. So what did the depreciation of automobiles matter before 1900? But what have all of the capitalist leaning economists said about it since 1995?
I have a Linux book from 2001 that talks about the planned obsolescence of computer software. There weren't any electronic computers before 1946.
So how much of what gets produced and how long it lasts may be more important than who owns the means of production but none of the economists are talking about the depreciation of all of the junk.
Definitions may not matter to the debate if the debaters don't understand current reality. They may just be arguing about what should have been done 75 years ago and not have a clue what should be done today.
psik