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.
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