Single Status Update
*arguing about capitalism's merits on Twitter*
If more people understood that capitalism and a market economy (ditto for socialism and a command economy) are not the same thing, that would great.
There's a lot of complication involving the debate which kind of means I stay out of it,like it kinda sounds bad but I honestly can't make up my mind, neither side seem to understand that the "other" side works in theory, but neither have particularly worked in practice.
I veer towards belief in free market and work-for-profit which is arguably a capitalist value, but what "capitilist" countries actually have, is lack of, or very poor regulation, which leads to unchecked oligopoly,products deliberately made to break, corperations telling customers what they want rather than the other way around. So I'm screwed either way *throws confetti*
OK sorry to be a pain but I just realise what you mean, could to explain a little because I thought that's essentially what it boiled down to?
I mean in the most basic of definitions, I know that in practice it might not have functioned like that but...yeah.
Capitalism is the idea of the means of production being owned by private (i.e. non-government) owners. Everything from the mom and pop shop to the international conglomerate.
Socialism is the idea of the means of production being communally owned, so not in the hands of private individuals. It can take many forms, ranging from the government running everything, to trade unions, to every business being run by its employees. The overall idea is there is no real "boss" in any company, because ownership rests with the masses.
Command (state-run) economies are where the state dictates production. It's associated with socialism, but in fact, many capitalist economies become command economies during major wars, e.g. the Western countries closely regulating prices and production during both world wars.
Market economies are where production and prices are determined by supply and demand, rather than any supervising entity.
So you can end up with market socialism (not yet tried), market capitalism, state socialism, and state capitalism.