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Response to JustAnotherGen (Reply #1)

Tue Apr 28, 2015, 01:35 AM

2. the basis of that definition

Remember that "capital" does not mean money, it means productive assets. Things like factories and herds of cattle are capital. So are patents. So are stock shares, in practice: they're a way of aggregating more concrete items of capital for ownership purposes. The basic definition of capitalism is that it's the system where capital is privately owned and traded. When capitalists trade shares of stock, what they're trading is partly assets such as buildings, but that's minor -- except in the extractive industries, most of the real value they're trading is the future productivity of workforces. So the way I defined capitalism may be simplified and de-nuanced, but in practice I think it's mostly valid.

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