Capitalism And Its Discontents

The Economist: Business, The Economist
Thu, 10/01/2015 - 7:46am

DAVE SPART has been a stalwart of Private Eye, a British satirical magazine, since the 1970s. The bearded Bolshevik has never wavered in his enthusiasm for denouncing capitalism (“totally sickening”). But in recent years the Eye’s editors gave their fictional columnist progressively less space as the left made its peace with free markets and consumerism.

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    Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, price systems, private property, property rights recognition, voluntary exchange, and wage labor.
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    The Editors of Encyclopaedia Britannica. Capitalism is a widely adopted economic system in which there is private ownership of the means of production. Modern capitalist systems usually include a market-oriented economy, in which the production and pricing of goods, as well as the income of individuals, are dictated to a greater extent by ...
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