I haven’t yet expressed an opinion on capitalism, except to say that the features you’ve mentioned have little to do with it.
But to answer your original question: capitalism stricto sensu is when the profits and decision-making power in a firm are vested in those who put up the original financial capital. It incentivizes financial risk-taking, which (depending on economic conditions) can be useful or destructive. But the only merits it rewards are the possession of pre-existing wealth, the willingness to take risks with it, and luck. Nepotism and cronyism serve its ends by providing a source of wealth for new capitalists, and an outlet for successful capitalists to convert their gains into social rewards.
It’s OK you don’t like capitalism but the industrial revolution did happen…
I haven’t yet expressed an opinion on capitalism, except to say that the features you’ve mentioned have little to do with it.
But to answer your original question: capitalism stricto sensu is when the profits and decision-making power in a firm are vested in those who put up the original financial capital. It incentivizes financial risk-taking, which (depending on economic conditions) can be useful or destructive. But the only merits it rewards are the possession of pre-existing wealth, the willingness to take risks with it, and luck. Nepotism and cronyism serve its ends by providing a source of wealth for new capitalists, and an outlet for successful capitalists to convert their gains into social rewards.
And I disagree
Dude, wtf? Someone’s put in effort in clarifying free market and capitalism for you and you just go on some tangent?
Lol, if you accept this as a definition of capitalism your are already cooked.
And it’s quite valid for someone to level that same comment at you.