Most of us battled at some point (and others still do) with understanding what an economic system is. At its bare bones, an economic system is simply a method of production and distribution. One can have an economic system without money and without business. One can have an economic system without the state intervening and without barter. There have been many types of economic systems in the world - capitalism, feudalism, mercantilism, soialism, communism, resoure based systems (Venus project), etc.
This is probably the best explanation I have ever heard on how an economic system works, and how the type of ecnomic system affects one's success.
http://www.truthdig.com/avbooth/item/wh … 4.facebook
It happens to be the fundamental law of the commodity economy which is behind the uneven distribution of wealth and income. Contrary to what the silly and the benighted believe, the economic inequality does NOT owe its origin to the qualitative distinctions between humans, between the Nobelists and the illiterate, or between the work done by a skilled hand and that by an unskilled one. And the economic basis of our society is the commodity economy ( capitalism is essentially a sort of commodity economy ).
Clearly you didn't listen/view the video. That is essential to understanding what is said. Everybody has an opinion. Responding to a thread without going off topic really isn't helpful.
Sorry, I'm being grotty. I do agree with you, but it's not what the video is about.
by A Thousand Words3 years ago
There's no one to step on/take advantage of anymore?Capitalism is defined as:- free-market system: an economic system based on the private ownership of the means of production and distribution of goods, characterized by...
by Quilligrapher5 years ago
Presidential hopeful Ron Paul, with a net worth reported between 2-1/4 and 5 million dollars, has announced a new plan that will make it more difficult for poor Americans to escape from under the yoke of poverty. In...
by Kathryn L Hill2 years ago
Is Capitalism the root of all evil in America?Is it the cause of drug abuse?Is it the cause of poverty?Is it the cause of class distinction?Is it the cause of racism?Will it be the cause of the end of the...
by Jack Lee2 weeks ago
It is a question that baffles me.You would think people who became a huge success in our capitalism system would embrace it and try to promote it. Yet, again and again, we see these folks adopt a liberal and progressive...
by loua5 years ago
Like all sacred cows, capitalism has failed the acid test of time; capitalism has not proven itself worth the sweat and blood it took to erect this edifice of greed and corruption, for it has traded the integrity of the...
by jomine5 years ago
We had many economic systems, starting from the barter.Socialism collapsed due to inefficiency.Communism collapsed due to authoritarianism.Capitalism is on the verge of collapse due to human greed, the attempt to make...
Copyright © 2017 HubPages Inc. and respective owners.
Other product and company names shown may be trademarks of their respective owners.
HubPages® is a registered Service Mark of HubPages, Inc.
HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.