Capitalism!

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The document defines and explains key aspects of capitalism. It states that capitalism is an economic system based on private ownership and free markets where individuals can own and use resources to seek profit. It operates on principles like free enterprise, competition, economic freedom, private property rights, the profit motive, and voluntary exchange between buyers and sellers. The document argues that these features of capitalism have made it the most successful economic system in history.

CAPITALISM! “ No other economic system in the history of the world has been as successful” -Civics Textbook copyright 2008

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Not to be confused with “FREE ENTERPRISE” ,[object Object],[object Object]

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Chapter Four: The Nature of Capitalism 1 1 Wells Fargo fined $185M for fake accounts; 5,300 were fired An analysis by the San Francisco-headquartered bank found that its employees opened more than two million deposit and credit card accounts that may not have been authorized by consumers, the officials said. Many of the transfers ran up fees or other charges for the customers, even as they helped employees make incentive goals. 2 2 Capitalism Capitalism: An economic system in which the major portion of production and distribution is in private hands, operating under what is termed a “profit” or “market” system Socialism: The polar opposite of capitalism, an economic system characterized by public ownership of property and a planned economy Worker control socialism: A hybrid market-oriented socialism 5 Introduction to Capitalism Capitalism Capitalism has historically evolved from the Renaissance through several stages – mercantile, industrial, financial, and state welfare. Many believe we are now at a new stage, globalized capitalism, involving reliance upon foreign labor and services, joint ventures in overseas companies, outsourcing, etc. Capitalism is constantly changing as new socio-economic and political conditions arise. 7 Key Features of Capitalism Companies: Capitalism permits the creation of companies or business organizations that exist separately from the people associated with them. Profit motive: The profit motive implies a critical assumption about human nature – that human beings are economic creatures who recognize and are motivated by their own monetary interests. 8 Capitalist Model - (Free-Market System) A free market is one that is not controlled either by government or by any small group of individuals. In a free market, government does not: set the price of goods set wages or control production. Competition is also vital to a free-market system. To try to achieve greater returns on investment, perhaps by taking more risk, resources must be free to move within the system to whichever portion of it someone believes will bring the greatest return. Key Features of Capitalism Competition: In his famous treatise on political economy, An Inquiry into the Nature and Causes of the Wealth of Nations (1776), Adam Smith explained how free competition makes individual pursuit of self-interest socially beneficial. Private property: Capitalism requires private ownership of the major means of production (factories, warehouses, offices, machines, trucking fleets, land, etc.) 10 Moral Justifications of Capitalism The natural right to property: One basic defense of capitalism rests on a supposed natural moral right to property. Utilitarians deny the existence of such rights. Other critics doubt that this right entitles one to have a system of property rules and regulations identical to the one we now have in ...

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