Capitalism: Difference between revisions
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'''Capitalism''' is 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.<ref>"Capitalism." Dictionary and Thesaurus - Merriam-Webster Online. http://www.merriam-webster.com/dictionary/capitalism (accessed April 25, 2011).</ref> Modern Capitalism is essentially mass production for the needs of the masses.<ref name="humanaction_ch21_sec2">[[Ludwig von Mises]]. [http://mises.org/humanaction/ | '''Capitalism''' is 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.<ref>"Capitalism." Dictionary and Thesaurus - Merriam-Webster Online. http://www.merriam-webster.com/dictionary/capitalism (accessed April 25, 2011).</ref> Modern Capitalism is essentially mass production for the needs of the masses.<ref name="humanaction_ch21_sec2">[[Ludwig von Mises]]. [http://mises.org/humanaction/chapter21sec2.asp XXI. Work and Wages], 2. Joy and Tedium of Labor, [[Human Action]], online version, referenced 2011-04-25.</ref> | ||
==References== | ==References== | ||
{{reflist}} | {{reflist}} | ||
Revision as of 02:07, 27 April 2011
Capitalism is 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.[1] Modern Capitalism is essentially mass production for the needs of the masses.[2]
References
- ↑ "Capitalism." Dictionary and Thesaurus - Merriam-Webster Online. http://www.merriam-webster.com/dictionary/capitalism (accessed April 25, 2011).
- ↑ Ludwig von Mises. XXI. Work and Wages, 2. Joy and Tedium of Labor, Human Action, online version, referenced 2011-04-25.