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CAPITALISM is often thought of as an economic system in which private actors own and control property in accord with their interests, and de-mand and supply freely set prices in markets in a way that can serve the best interests of society. The essential feature of capitalism is the motive to make a profit.
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Feb 19, 2013 · One of the elements central to capitalism is the ability to promote economic growth, which is measured by its per capita Gross Domestic Product (GDP) (Gunder & Hillier, 2009). ...
Chapter 4. What Is Capitalism? Before we entrust the education of the nation’s roughly 47 million school-aged children to the institutions and processes of capi-talism, it is valuable to review how capitalism works and what distinguishes it from other types of economic systems.
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1. What Does Capitalism Mean? The Emergence of a Controversial Concept. Capitalism is a controversial concept. Many scholars avoid it. To them it seems too polemical, since it emerged as a term of critique and was used that way for decades. The term is defined in different ways, and frequently not de-fined at all.
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Capitalism, as I define the term, is an indirect system of governance based on a complex and continually evolving political bargain in which private actors are empowered by a political authority to own and control the use of property for private gain subject to a set of laws and regulations.
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There are several possible considerations in working toward a definition of capitalism. In this section, we sympathetically discuss three arguments often made about capitalism: (a) capitalism as a core economic logic, (b) the normative order of capitalism, and (c) capitalism as an institutional order.
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charting the economic systems that helped create the ideals and principles of capitalism and the political inter- ventions that have so widely eclipsed and perverted them.