Let's not confuse things...
kevinandt at gmavt.net
Fri Jul 23 12:02:52 CDT 2004
>The Who Mailing List Digest, V11 #198
>been mistaken this whole time to think that Capitalism and free market
>economy were synonymous with each other? That's scares me.
No. No need to be scared.
Capitalism is defined as:
"a form of economic system in which the market process and the price
mechanism are left free to work out the answers to the three basic economic
questions. 'Pure capitalism' would operate with no government interference,
and no restrictions from 'tradition'. When the people are free to follow
the influences of the price mechanism, to produce whatever they think will
be profitable, to produce it in the ways they think will be most efficient,
and to earn and keep as much income or profit as they can - that's
'Capitalism. It is a system of 'laissez-faire' (hands-off by government)
and competition, where each person has an equal right to get into any
market, to produce anything which looks profitable, to out-sell the other
producers - and... <Kevin in VT - I personally like this next line> 'let
the devil take the hindmost'."
The Devil, Alan!!!
Free Market System is simply the "solid rock foundation" that is the basis
of Capitalism. It is the details that make Capitalism, such as the basic
concepts of Supply and Demand, etc.
++Economic Evolution, Principles, Issues, Ideas...Through The Looking Glass
by Elbert V. Bowden
They are.....one and the same.
Don't be fooled again. :-)
Keet's isn't an economist, she just plays one on igtc. ;-)
Oh, the three basic economic questions:
1) What will be produced?
2) Which resources will be used in the production?
3) Which members of society will get a share?
Econ 101 folks.
Kevin in VT
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