Thursday, September 23, 2010

Dear Guilford County Commissioner Carolyn Q. Coleman: What is Capitalism?

"Capitalism is an economic system
in which the means of production and distribution and industry
are privately owned and operated for a private profit;
decisions regarding supply, demand, price, distribution, and investments
are made by private actors in the market
rather than by central planning by the government;
profit is distributed to owners who invest in businesses...,
and wages are paid to workers employed by businesses.

As opposed to via tax breaks from the government?

Economists, political economists and historians
have taken different perspectives on the analysis of capitalism.

Economists usually emphasize the degree
that government does not have control over markets (laissez faire),
and on property rights.

[Karl] Marx's notion of the capitalist mode of production
is characterised as a system of primarily private ownership of the means of production
in a mainly market economy,
with a legal framework on commerce and a physical infrastructure provided by the state."

"Capitalism: an economic system characterized
by private or corporate ownership of capital goods,
by investments that are determined by private decision,
and by prices, production, and the distribution of goods
that are determined mainly by competition in a free market..."

You Tube Video:
George Hartzman speaking before Guilford County's Commishiners
on September 16th, 2010,
concerning the Wyndham Downtown Hotel Project

"Economic system characterized by the following: private property ownership exists;
individuals and companies are allowed to compete for their own economic gain;
and free market forces determine the prices of goods and services.

Such a system is based on the premise of separating the state and business activities.

Capitalists believe that markets are efficient and should thus function without interference,
and the role of the state is to regulate and protect."

"Capitalism: an economic system
in which investment in and ownership of the means of production, distribution,
and exchange of wealth is made and maintained chiefly by private individuals or corporations,
esp. as contrasted to cooperatively or state-owned means of wealth."

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