Definition of Capitalism
"Capitalism" is conventionally defined along economic terms such as the following:
An economic system in which the means of production and distribution are privately or
corporately owned and development proportionate to the accumulation and reinvestment of
profits gained usually in competitive and a free market.
Capitalism is a market system with no interference by States (laissez faire),
- Capitalism is a social system based on the principle of individual rights and the rules of law
• Private ownership in capitalism implies the right to control property, including the
determination of how it is used, who uses it, whether to sell or rent to covert for mix used
and the right to the revenue generated by their properties.
•The general idea is that capitalism helps and encourages economic growth and creates
prosperity and a better standard of living.
In order to have an economic system in which "production and distribution are privately or
corporately owned", you must have individual rights and specifically property rights and strict
rules of law. The only way to have an economic system fitting the first definition is to have a
political system fitting the second definition. The first is an implication of the second. Because
the second, political, definition is fundamental and the cause of the first, it is the more useful
definition and is preferable.
Because people often use the term "Capitalism" loosely, "Laissez Faire Capitalism” is sometimes
used to describe a true Capitalist system. But this phrase is redundant.
It is important to define "Capitalism" correctly because a proper definition is a prerequisite to a
proper defense. Capitalism is the only moral political system because it is the only system
dedicated to the protection of rights, creation of wealth; promote competition, challenges and
more research and developments which are requirement for human survival and flourishing.
This is the only proper role of a government. Capitalism should be defended vigorously on a
moral basis, not an economic hysteria