Saw a college chick that was a big proponent of "smashing capitalism" and installing a marxist/communist system. It got me thinking why do people hate capitalism? First thing that's interesting is that people don't know what capitalism is. Discuss what it is, as it seems to be hotly debated on its beginning, etc.
- To start, the Wikipedia page is wrong on the definition of capitalism. It describes it through the lens of Marxism and calls it an economic system.
- Capitalism more so resembles a social system based on individual rights.
- The economic system under capitalism that advocates for private industry and production, would be the free market economy. Adam Smith described capitalism using the emergence of the division of labor:
Every man thus lives by exchanging, or becomes in some measure a merchant, and the society itself grows to be what is properly a commercial society.
- The people who understand the practicality of life, know they must develop some ability to produce something that may lead to a valuable and exchangeable surplus that can be traded on the market.
- Capitalism is social and natural while the economic system must be reflected in the private and individual institutions that allow for the free exchange of goods.