Capitalism
An economic system organized around private ownership of productive capital and markets.
What the essays say
The capitalism essay separates the word from the label. It asks what we would actually be saying yes to, and what we expect capitalism to do for us, before judging whether it is doing it well.
But capitalism and markets are not quite the same thing.
Capitalism also depends on private ownership of productive capital.
Where people disagree
- Defenders point to markets, competition, and private investment as the most powerful engine of prosperity and innovation yet found.
- Critics argue that concentrated ownership of capital can concentrate economic and political power, and that growth alone does not guarantee broad well-being.
- Many economists describe real economies, including the American one, as mixed: markets alongside public institutions, rather than a pure form of either.
