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 Words 8 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 a free competitive market and motivation by profit. Doesn't raise any red flags...
by Quilligrapher 11 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 addition to shaving $1 trillion dollars from the federal budget by eliminating five...
by Earl S. Wynn 11 years ago
What is the ideal economic system? Communism, socialism, capitalism, etc?Conversely, have these systems been proven to be failures? Is there a better system?
by Tessa Schlesinger 3 years ago
We've all grown up in a world where countries go to war, and the winner takes the spoils. It happens every day in real life as well.So I'm asking a moral question which isn't as simple as it sounds? Is might right?It's the best adapted, after all, that wins in the survival game. Then, again,...
by Kathryn L Hill 3 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 world?...wondering.
by Credence2 9 months ago
That phrase came up a lot in some of my military boot camp training.In the political world, there is an alternate meaning.My brother and I had another of our periodic political discussions. While he is left, he is more "black left".He would have been satisfied with a Harris, Klobuchar,...
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