economic system based on private ownership of the means of production and the creation of goods or services for profit
Capitalism is an economic system in which means of production are privately owned, and in which capital is invested in the production, distribution and trade of goods and services for profit in a largely unregulated market.
- Birth and wealth are conferred on some men as imperiously by nature, as genius, strength, or beauty.
- [Capitalism is] an economic system based on private, rather than state, ownership of businesses, factories, transport services, etc, with free competition and profit-making.
- Allwords.com: Lemma "Capitalism", 2006
- [Capitalism is] an economic system in which the means of production and distribution are privately or corporately owned and development is proportionate to the accumulation and reinvestment of profits gained in a free market.
- American Heritage® Dictionary of the English Language, Fourth Edition: Lemma "Capitalism"
- 'But whom do I treat unjustly,' you say, 'by keeping what is my own?' Tell me, what is your own? What did you bring into this life? From where did you receive it? It is as if someone were to take the first seat in the theater, then bar everyone else from attending, so that one person alone enjoys what is offered for the benefit of all in common — this is what the rich do. They seize common goods before others have the opportunity, then claim them as their own by right of preemption. For if we all took only what was necessary to satisfy our own needs, giving the rest to those who lack, no one would be rich, no one would be poor, and no one would be in need.
- Basil of Caesarea, Homily 6, “I Shall Tear Down My Barns,” C. P. Schroeder, trans., in Saint Basil on Social Justice (2009), p. 69
- A religion may be discerned in capitalism—that is to say, capitalism serves essentially to allay the same anxieties, torments, and disturbances to which the so-called religions offered answers.
- Walter Benjamin, "Capitalism as Religion" (1921), translated by Rodney Livingstone in Walter Benjamin: Selected Writings, Volume 1 (Harvard: 1996)
- Capitalism is presumably the first case of a blaming, rather than a repenting cult. ... An enormous feeling of guilt not itself knowing how to repent, grasps at the cult, not in order to repent for this guilt, but to make it universal, to hammer it into consciousness and finally and above all to include God himself in this guilt.
- Walter Benjamin, "Capitalism as Religion" (1921), translated by Chad Kautzer in The Frankfurt School on Religion: Key Writings by the Major Thinkers (2005), p. 259
- The whole economic system of Capitalism is an offshoot of a devouring and overwhelming lust, of a kind that can hold sway only in a society that has deliberately renounced the Christian asceticism and turned away from Heaven to give itself over exclusively to earthly gratifications. ... It is the result of a secularization of economic life, and by it the hierarchical subordination of the material to the spiritual is inverted. The autonomy of economics has ended in their dominating the whole life of human societies: the worship of Mammon has become the determining force of the age. And the worst of it is that this undisguised “mammonism” is regarded as a very good thing, an attainment to the knowledge of truth and a release from illusions. Economic materialism formulates this to perfection when it brands the whole spiritual life of man as a deception and a dream.
- Nikolai Berdyaev, The End of Our Time (1919), as translated by Donald Atwater (1933), p. 92
- But if capitalism had built up science as a productive force, the very character of the new mode of production was serving to make capitalism itself unnecessary.
- John Desmond Bernal (1959) Marx and Science. p. 39
- Capitalism is a mode of socio-economic organization in which a class of entrepeneurs and entrepeneurial institutions provide the capital with which businesses produce goods and services and employ workers. In return the capitalist extracts profits from the goods created. Capitalism is frequently seen as the embodiment of the market economy, and hence may result in the optimum distribution of scarce resources, with a resulting improvement for all; this optimism is countered by pointing to the opportunity for exploitation inherent in the system.
- Simon Blackburn ed. (1996) Oxford Dictionary of Philosophy. Lemma "Capitalism"
- The distinction between private and public undermines the unity of spiritual strength, draining the public of the transcendent energies while trivializing them because the merely private life provides no proper stage for their action.
- Allan Bloom, “Commerce and Culture,” Giants and Dwarfs (1990), p. 280
- The United States is the Darwinist capital of the capitalist world. A head afraid is a head haunted. A head haunted is a head hunted. Run for your life. Run from the guillotine to a head hunter who saves your head and raises your salary — so you’ll be caught in the red of the fish-market buying gadgets to distract your fragile imagination that is cut in the red market of blood—running and escaping — running again — changing your resume to update the fear you feel of being unemployed tomorrow — in the streets — and from there to welfare — and from there to begging.
- Giannina Braschi, "United States of Banana," AmazonCrossing, 2011.
- Capitalism is an economic system based on private ownership of property and business, with the goal of making the greatest possible profits for the owners.
- Cambridge University Press (2008) Cambridge Academic Content Dictionary Paperback with CD-ROM. p. 129. Lemma "Capitalism"
- Vulgar libertarian apologists for capitalism use the term "free market" in an equivocal sense: they seem to have trouble remembering, from one moment to the next, whether they’re defending actually existing capitalism or free market principles. So we get the standard boilerplate article arguing that the rich can’t get rich at the expense of the poor, because "that’s not how the free market works"—implicitly assuming that this is a free market. When prodded, they’ll grudgingly admit that the present system is not a free market, and that it includes a lot of state intervention on behalf of the rich. But as soon as they think they can get away with it, they go right back to defending the wealth of existing corporations.
- Kevin Carson, Studies in Mutualist Political Economy (2007), Chapter 4
- [Capitalism is] 1. The state of having capital or property; possession of capital. 2. The concentration or massing of capital in the hands of a few; also, the power or influence of large or combined capital.
- Century Dictionary. 1909 edition: Lemma "Capitalism"
- The new community which the capitalists are now constructing will be a very complete and absolute community; and one which will tolerate nothing really independent of itself.
- G. K. Chesterton, Utopia of Usurers (1917), pp. 33-34
- A firm is defined in economic theory as a market imperfection introduced to deal with transaction costs. And the sort of theory is that the imperfections, the firms, are kinda like little islands in a free market sea. But the problem with that is that the sea doesn't remotely resemble a free market, and the islands are bigger than the sea.
- The inherent vice of capitalism is the unequal sharing of blessings. The inherent virtue of Socialism is the equal sharing of miseries.
- The French Revolution qualitatively transformed all aspects of human culture, including science, for better or worse. The institutional ideological changes wrought in French science by the Revolution and its aftermath shaped the subsequent course of modern science everywhere. The essential underlying factor, as the Hessen thesis maintains, was the victory of capitalism, which the Revolution consolidated. The new social order spread to Europe and the rest of the world, everywhere subordinating the further development of science to capitalist interests.
- Clifford D. Conner, A People's History of Science (2005)
- I just don’t trust any of it. Every time I read something about how there’s been another ridiculous climb of the Dow Jones, there’s a part of me that goes, “This can’t be good.” None of this is real money. You know what I mean? It’s not like there’s actually more of anything. It’s just ideas. When people are getting richer and richer but they’re not actually producing anything, it can’t end well.
- Capitalism is an economic system in which
(1) private ownership of property exists;
(2) aggregates of property or capital provide income for the individuals or firms that accumulated it and own it;
(3) individuals and firms are relatively free to compete with others for their own economic gain;
(4) the profit motive is basic to economic life.
Among the synonyms for capitalism are LAISSEZ-FAIRE economy, private enterpreise system, and free-price system. In this context economy is interchangeable with system."
- John Downes (2003) Barron's Finance and Investment Handbook. p. 258. Lemma "Capitalism"
- The winner, at least for now, of the battle of economic “isms”. Capitalism is a free-market system built on private ownership, in particular, the idea that owners of CAPITAL have PROPERTY RIGHTS that entitle them to earn a PROFIT as a reward for putting their capital at RISK in some form of economic activity. Opinion (and practice) differs considerably among capitalist countries about what role the state should play in the economy. But everyone agrees that, at the very least, for capitalism to work the state must be strong enough to guarantee property rights. According to Karl MARX, capitalism contains the seeds of its own destruction, but so far this has proved a more accurate description of Marx’s progeny, COMMUNISM.
- Economist.com. Lemma "Capitalism", 2006
- This crippling of individuals I consider the worst evil of capitalism. … An exaggerated competitive attitude is inculcated into the student, who is trained to worship acquisitive success as a preparation for his future career.
- Albert Einstein in Why Socialism?
- The economic anarchy of capitalist society as it exists today is, in my opinion, the real source of the evil. We see before us a huge community of producers the members of which are unceasingly striving to deprive each other of the fruits of their collective labour...I am convinced there is only one way to eliminate these grave evils, namely through the establishment of a socialist economy, accompanied by an educational system which would be oriented toward social goals.
- Albert Einstein, in Why Socialism?
- Capitalism, also called free market economy, or free enterprise economy: economic system, dominant in the Western world since the breakup of feudalism, in which most of the means of production are privately owned and production is guided and income distributed largely through the operation of markets.
- Encyclopaedia Britannica, inc (1998) The New Encyclopaedia Britannica Vol 2; Vol 8. p. 831. Lemma "Capitalism"
- Capitalism is the socio-economic system where social relations are based on commodities for exchange, in particular private ownership of the means of production and on the exploitation of wage labour. Wage labour is the labour process in capitalist society: the owners of the means of production (the bourgeoisie) buy the labour power of those who do not own the means of production (the proletariat), and use it to increase the value of their property (capital)...
- Encyclopedia of Marxism. at www.marxists.org, 1999-2008. Lemma "Capitalism". (online)
- Prostitutes are the inevitable product of a society that places ultimate importance on money, possessions, and competition.
- Jane Fonda, in Thomas Kiernan, Jane: An Intimate Biography of Jane Fonda (1970).
- Some people continue to defend trickle-down theories which assume that economic growth, encouraged by a free market, will inevitably succeed in bringing about greater justice and inclusiveness in the world. This opinion, which has never been confirmed by the facts, expresses a crude and naïve trust in the goodness of those wielding economic power and in the sacralized workings of the prevailing economic system.
- While the earnings of a minority are growing exponentially, so too is the gap separating the majority from the prosperity enjoyed by those happy few. This imbalance is the result of ideologies which defend the absolute autonomy of the marketplace and financial speculation. Consequently, they reject the right of states, charged with vigilance for the common good, to exercise any form of control. A new tyranny is thus born, invisible and often virtual, which unilaterally and relentlessly imposes its own laws and rules. Debt and the accumulation of interest also make it difficult for countries to realize the potential of their own economies and keep citizens from enjoying their real purchasing power. To all this we can add widespread corruption and self-serving tax evasion, which have taken on worldwide dimensions. The thirst for power and possessions knows no limits. In this system, which tends to devour everything which stands in the way of increased profits, whatever is fragile, like the environment, is defenseless before the interests of a deified market, which become the only rule.
- I think it is only because capitalism has proved so enormously more efficient than alternative methods that it has survived at all. (...) I'm not sure capitalism is the right word. There is a sense in which every society is capitalist. The Soviet Union was capitalist, but it was state capitalism. Latin American societies in the past have been capitalist, but it has been oligarchic capitalism. So what we really need to talk about is not capitalism but free market or competitive capitalism which is the system that we would like to have adopted, not just capitalism.
- Milton Friedman, Interview with Parker in Randall E. Parker(ed.), Reflection on the Great Depression (2002).
- It is true that if you simply have market capitalism not embedded in a true democratic system, then you will get increasing inequality... And that is why every modern capitalist system has a welfare state and in Europe these welfare states consume 50 percent of GDP, redistribute it in fairer ways. I have always thought the European Union represented a truer embodiment of what I would regard as something like the end of history... The United States' model is a little bit more liberal and therefore we do less redistribution than, let's say, Holland or Sweden, but all modern states do that.
- Francis Fukuyama, as quoted in "Fukuyama: 'Putinism', Radical Islam No Alternative To Liberal Democracy" (30 January 2016), by *Charles Recknagel, Radio Free Europe: Radio Liberty.
- Capitalism is based on self-interest and self-esteem; it holds integrity and trustworthiness as cardinal virtues and makes them pay off in the marketplace, thus demanding that men survive by means of virtue, not vices. It is this superlatively moral system that the welfare statists propose to improve upon by means of preventative law, snooping bureaucrats, and the chronic goad of fear.
- Alan Greenspan, The Assault on Integrity (1963).
- The systems advocated by professed upholders of laissez-faire are in reality permeated with coercive restrictions of individual freedom. ... What is the government doing when it “protects a property right”? Passively, it is abstaining from interference with the owner when he deals with the thing owned; actively, it is forcing the non-owner to desist from handling it, unless the owner consents. Yet Mr. Carver would have it that the government is merely preventing the non-owner from using force against the owner. This explanation is obviously at variance with the facts—for the non-owner is forbidden to handle the owner's property even where his handling of it involves no violence or force whatever. ... In protecting property the government is doing something quite apart from merely keeping the peace. It is exerting coercion wherever that is necessary to protect each owner, not merely from violence, but also from peaceful infringement of his sole right to enjoy the thing owned.
- Robert Hale, “Coercion and Distribution in a Supposedly Non-Coercive State,” Political Science Quarterly, Vol. 38, No. 3 (Sep., 1923), pp. 470-494
- Faith in natural order and market efficiency forecloses a full normative assessment of market outcomes. ... It effectively depoliticizes the market itself and its outcomes. It is only when the illusion of natural order is lifted that a real problem arises: that of the justice of the organizational rules and their distributional consequences.
- Bernard Harcourt, The Illusion of Free Markets: Punishment and the Myth of Natural Order (2011), p. 32
- The idea of natural order, in effect, masks the state’s role. ... Robert Hale ... demonstrated the extent to which the distribution of income and wealth is the product of legal rules we choose to impose. Hale trained our attention on the foundational rules of property and contract law, showing how free, voluntary, compensated exchange is in fact a product of the legal coercion that the government establishes through its role in defining property rights.
- Bernard Harcourt, The Illusion of Free Markets: Punishment and the Myth of Natural Order (2011), p. 32
- [Harvey defined capitalism in terms of three features: it is growth-oriented] a steady state of growth is essential for the health of a capitalist economic system... growth in real values rests on the exploitation of living labor in production... [and it is] necessarily technologically and organizationally dynamic.
- David Harvey The Condition of Postmodernity. p. 180
- An economic system based on private, rather than state, ownership of businesses, factories, transport services, etc, with free competition and profit-making.
- Elaine Higgleton, Howard Sargeant, Anne Seaton (1992) Chambers Pocket Dictionary. p. 128. Lemma "Capitalism"
- It is probably true that business corrupts everything it touches. It corrupts politics, sports, literature, art, labor unions and so on. But business also corrupts and undermines monolithic totalitarianism. Capitalism is at its liberating best in a noncapitalist environment.
- Eric Hoffer, "Thoughts of Eric Hoffer, Including: 'Absolute Faith Corrupts Absolutely'", The New York Times Magazine (April 25, 1971), p. 50.
- [Capitalism is an] economic system characterized by the following: private property ownership exists; individuals and companies are allowed to compete for their own economic gain; and free market forces determine the prices of goods and services.
- Investorwords.com: Lemma "Capitalism". 2006
- It is so easy to be immature. If I have a book to serve as my understanding, a pastor to serve as my conscience, a physician to determine my diet for me, and so on, I need not exert myself at all. I need not think, if only I can pay: others will readily undertake the irksome work for me.
- Immanuel Kant, "What is Enlightenment?" (1784)
- The decadent international but individualistic capitalism, in the hands of which we found ourselves after the War, is not a success. It is not intelligent, it is not beautiful, it is not just, it is not virtuous - and it doesn't deliver the goods. In short, we dislike it and we are beginning to despise it. But when we wonder what to put in its place, we are extremely perplexed.
- I worked at a factory owned by Germans, at coal pits owned by Frenchmen, and at a chemical plant owned by Belgians. There I discovered something about capitalists. They are all alike, whatever the nationality. All they wanted from me was the most work for the least money that kept me alive. So I became a communist.
- Nikita Khrushchev, quoted in Edward Crankshaw, Khrushchev: A Career (1966), p. 12
- I understand that you have an economic system in America known as Capitalism. Through this economic system you have been able to do wonders. You have become the richest nation in the world, and you have built up the greatest system of production that history has ever known. All of this is marvelous. But Americans, there is the danger that you will misuse your Capitalism. I still contend that money can be the root of all evil. It can cause one to live a life of gross materialism. I am afraid that many among you are more concerned about making a living than making a life. You are prone to judge the success of your profession by the index of your salary and the size of the wheel base on your automobile, rather than the quality of your service to humanity.
- The misuse of Capitalism can also lead to tragic exploitation. This has so often happened in your nation. They tell me that one tenth of one percent of the population controls more than forty percent of the wealth. Oh America, how often have you taken necessities from the masses to give luxuries to the classes. If you are to be a truly Christian nation you must solve this problem. You cannot solve the problem by turning to communism, for communism is based on an ethical relativism and a metaphysical materialism that no Christian can accept. You can work within the framework of democracy to bring about a better distribution of wealth. You can use your powerful economic resources to wipe poverty from the face of the earth. God never intended for one group of people to live in superfluous inordinate wealth, while others live in abject deadening poverty. God intends for all of his children to have the basic necessities of life, and he has left in this universe "enough and to spare" for that purpose. So I call upon you to bridge the gulf between abject poverty and superfluous wealth.
- True compassion is more than flinging a coin to a beggar. A true revolution of values will soon look uneasily on the glaring contrast of poverty and wealth with righteous indignation. It will look across the seas and see individual capitalists of the West investing huge sums of money in Asia, Africa, and South America, only to take the profits out with no concern for the social betterment of the countries, and say, "This is not just."
- Martin Luther King, Jr. Why I Am Opposed to the War in Vietnam (1967)
- We have not done the things that are necessary to lower emissions because those things fundamentally conflict with deregulated capitalism. ... We are stuck because the actions that would give us the best chance of averting catastrophe—and would benefit the vast majority—are extremely threatening to an elite minority that has a stranglehold over our economy, our political process, and most of our major media outlets. ... It is our great collective misfortune that the scientific community made its decisive diagnosis of the climate threat at the precise moment when those elites were enjoying more unfettered political, cultural, and intellectual power than at any point since the 1920s.
- My claim is that we do not have a market economy, but a capitalist economy. Capitalism and the market are presented as synonymous, but they are not. Capitalism is both the enemy of the market and democracy. Capitalism is not about free competitive choices among people who are reasonable equal in their buying and selling of economic power. It is about concentrating capital, concentrating economic power in very few hands, using that power to trash everyone who gets in their way. … This is not a market, and definitely not a democracy. The basic principle of democracy is "one person one vote" and in the capitalistic society, we have "one dollar one vote."
- David Korten, in an interview with Alexander M. Duke, as quoted in Globalization and After (2006) edited by Samir Dasgupta and Ray Kiely, p. 32
- In the 1980s capitalism triumphed over communism. In the 1990s it triumphed over democracy and the market economy.
- David Korten, in The Post Corporate World : Life After Capitalism (1999)
- For over a century, popular struggles in the democracies have used the nation-state to temper raw capitalism. The power of voters has offset the power of capital. But as national barriers have come down in the name of freer commerce, so has the capacity of governments to manage capitalism in a broad public interest. So the real issue is not 'trade' but democratic governance.
- Robert Kuttner, "Globalization and Its Critics", The American Prospect, vol. 12 no. 12, July 2-16, 2001
- It is best for all to leave each man free to acquire property as fast as he can. Some will get wealthy. I don't believe in a law to prevent a man from getting rich; it would do more harm than good. So while we do not propose any war upon capital, we do wish to allow the humblest man an equal chance to get rich with everybody else. When one starts poor, as most do in the race of life, free society is such that he knows he can better his condition; he knows that there is no fixed condition of labor, for his whole life. I am not ashamed to confess that twenty-five years ago I was a hired laborer, mauling rails, at work on a flat-boat, just what might happen to any poor man's son! I want every man to have the chance, and I believe a black man is entitled to it, in which he can better his condition. When he may look forward and hope to be a hired laborer this year and the next, work for himself afterward, and finally to hire men to work for him! That is the true system.
- [Capitalism is] a system of wage-labour and commodity production for sale, exchange, and profit, rather than for the immediate need of the producers."
- Gordon Marshall ed. The Oxford Dictionary of Sociology, 2nd edition. Lemma "Capitalism"
- In bourgeois society capital is independent and has individuality, while the living person is dependent and has no individuality.
- Karl Marx, The Manifesto of the Communist Party (1848)
- The bourgeoisie, wherever it has got the upper hand, has put an end to all feudal, patriarchal, idyllic relations. It has pitilessly torn asunder the motley feudal ties that bound man to his “natural superiors,” and has left no other bond between man and man than naked self-interest, than callous “cash payment.” It has drowned the most heavenly ecstasies of religious fervor, of chivalrous enthusiasm, of philistine sentimentalism, in the icy water of egotistical calculation. It has resolved personal worth into exchange value, and in place of the numberless indefeasible chartered freedoms, has set up that single, unconscionable freedom—Free Trade. In one word, for exploitation, veiled by religious and political illusions, it has substituted naked, shameless, direct, brutal exploitation.
- Karl Marx, The Manifesto of the Communist Party (1848)
- The bourgeoisie has stripped of its halo every occupation hitherto honored and looked up to with reverent awe. It has converted the physician, the lawyer, the priest, the poet, the man of science, into its paid wage laborers.
- Karl Marx, The Manifesto of the Communist Party (1848)
- [Capitalism is] a system which separates workers from any property rights in the means by which they produce culture by their labor. The system transforms the social means of subsistence into capital on the one hand and the immediate producers into wage laborers on the other hand. Most of the time, capitalism is defined as the private ownership of the means of production but that definition does not encompass the great harm done to humanity by the system. By claiming all (or most) of the means to produce culture as private property, a small class of owners preempts material culture to their own comfort while denying the vast majority the means to subsistence as well as the means to produce ideological culture when they are not working.
- Robert E. Mazur Dictionary of Critical Sociology. Lemma "Capitalism"
- We owe to it almost everything that passes under the general name of civilization today. The extraordinary progress of the world since the Middle Ages has not been due to the mere expenditure of human energy, nor even to the flights of human genius, for men had worked hard since the remotest times, and some of them had been of surpassing intellect. No, it has been due to the accumulation of capital. That accumulation permitted labor to be organized economically and on a large scale, and thus greatly enhanced its productiveness. It provided the machinery that gradually diminished human drudgery, and liberated the spirit of the worker, who had formerly been almost indistinguishable from a mule. Most of all, it made possible a longer and better preparation for work, so that every art and handicraft greatly widened its scope and range, and multitudes of new and highly complicated crafts came in.
- H.L. Mencken, in "Mencken Chrestomathy" (1949), p. 294
- [Capitalism is] an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market."
- Merriam-Webster Collegiate Dictionary 11th Edition:. Lemma "Capitalism"
- It is true that the materialistic society, the so-called culture that has evolved under the tender mercies of capitalism, has produced what seems to be the ultimate limit of this worldliness. And nowhere, except perhaps in the analogous society of pagan Rome, has there ever been such a flowering of cheap and petty and disgusting lusts and vanities as in the world of capitalism, where there is no evil that is not fostered and encouraged for the sake of making money. We live in a society whose whole policy is to excite every nerve in the human body and keep it at the highest pitch of artificial tension, to strain every human desire to the limit and to create as many new desires and synthetic passions as possible, in order to cater to them with the products of our factories and printing presses and movie studios and all the rest.
- All people, however fanatical they may be in their zeal to disparage and to fight capitalism, implicitly pay homage to it by passionately clamoring for the products it turns out.
- Ludwig Von Mises, The Ultimate Foundation of Economic Science: An Essay on Method (1978)
- The first condition for the establishment of perpetual peace is the general adoption of the principles of laissez-faire capitalism.
- Ludwig von Mises, The Ultimate Foundation of Economic Science: An Essay on Method (1962), p. 137
- If we want to save the planet earth, to save life and humanity, we have a duty to put an end to the capitalist system. Unless we put an end to the capitalist system, it is impossible to imagine that there will be equality and justice on this planet earth. This is why I believe that it is important to put an end to the exploitation of human beings and to the pillage of natural resources, to put an end to destructive wars for markets and raw materials, to the plundering of energy, particularly fossil fuels, to the excessive consumption of goods and to the accumulation of waste. The capitalist system only allows us to heap up waste. I would like to propose that the trillions of money earmarked for war should be channelled to make good the damage to the environment, to make reparations to the earth.
- [Capitalism is a] free-market system: an economic system based on the private ownership of the means of production and distribution of goods, characterized by a free competitive market and motivation by profit"
- MS Encarta: Lemma "Capitalism", 2006
- Western society is relapsing at critical points into precivilized modes of thought, feeling, and action because it has acquiesced too easily in the dehumanization of society through capitalist exploitation.
- Lewis Mumford, Technics and Civilization (1934), Chapter 6, § 9, p. 302
- [Capitalism is] the condition of possessing capital; the position of a capitalist; a system which favours the existence of capitalists.
- Sir James Augustus Henry Murray, Henry Bradley, Philological Society (1933) 'The 'Oxford English Dictionary. Vol 2. p. 94 Lemma "Capitalism"
- Pareto, Georges Sorel, Lenin, Hitler, and Mussolini were right in denouncing democracy as a capitalist method. Every step which leads from capitalism toward planning is necessarily a step nearer to absolutism and dictatorship.
- Ludwig von Mises, Omnipotent Government: The Rise of the Total State and the Total War, Mises Institute (2010) p. 53. First published in 1944 by Yale University Press.
- [Capitalism is] an economic and political system characterized by a free market for goods and services and private control of production and consumption.
- New Dictionary of Cultural Literacy, Third Edition: Lemma "Capitalism"
- What I really believe in, first and foremost, isn't capitalism or globalization. It isn't the systems or regulatory codes that achieve all we see around us in the way of prosperity, innovation, community, and culture. Those things are created by people. What I believe in is man's capacity for achieving great things, and the combined force that results from our interactions and exchanges. I plead for greater liberty and a more open world, not because I believe on system happens to be more efficient than another, but because those things provide a setting that unleashes individual creativity as no other system can. They spur the dynamism that has led to human, economic, scientific, and technical advances. Believing in capitalism does not mean believing in growth, the economy, or efficiency. Desirable as they may be, those are only the results. At its core, belief in capitalism is belief in mankind.
- [Capitalism is] an economic system in which capital (the goods or wealth used to produce other goods for profit) is privately owned and profit is reinvested so as to accumulate capital. The dynamics of the economic exchange in capitalism are unique. In a barter system of economic activity a producer may grow a pound of potatoes and barter them for an equivalent amount of honey produced by someone else. In this exchange the goods bartered are of roughly equal value. In capitalism, however, a person uses capital to produce goods and then sells those goods for cash. The amount of cash received is greater than the value of the good produced such that a profit is created allowing for reinvestment in the capital stock and to support the owner and producers.
- Online Dictionary of the Social Sciences: Lemma "Capitalism". 2006
- [Capitalism is] an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
- Judy Pearsall (2002) The Concise Oxford English Dictionary. p. 207 Lemma "Capitalism"
- The essence of capitalism is to turn nature into commodities and commodities into capital. The live green earth is transformed into dead gold bricks, with luxury items for the few and toxic slag heaps for the many. The glittering mansion overlooks a vast sprawl of shanty towns, wherein a desperate, demoralized humanity is kept in line with drugs, television, and armed force.
- Michael Parenti, Against Empire (1995)
- When the rate of return on capital exceeds the rate of growth of output and income, as it did in the nineteenth century and seems quite likely to do again in the twenty-first, capitalism automatically generates arbitrary and unsustainable inequalities that radically undermine the meritocratic values on which democratic societies are based.
- What would happen if someone were to choose the captains of ships by their wealth, refusing to entrust the ship to a poor person even if he was a better captain?
- They would make a poor voyage of it.
- And isn't the same true of the rule of anything else whatsoever?
- I suppose so.
- Except a city? Or does it also apply to a city?
- To it most of all, since it's the most difficult and most important kind of rule.
- Since those who rule in the city do so because they own a lot, I suppose they're unwilling to enact laws to prevent young people who've had no discipline from spending and wasting their wealth, so that by making loans to them, secured by the young people's property, and then calling those loans in, they themselves become even richer and more honored.
- What they have to discover, what all the efforts of capitalism's enemies are frantically aimed at hiding, is the fact that capitalism is not merely the 'practical,' but the only moral system in history.
- Ayn Rand, Capitalism: The Unknown Ideal (1966), p. 8
- When I say capitalism, I mean a full, pure, uncontrolled, unregulated laissez faire capitalism, with a separation of state and economics, in the same way and for the same reasons as the separation of state and church.
- Ayn Rand, Capitalism: The Unknown Ideal (1966), p. 17
- Capitalism is a social system based on the recognition of individual rights, including property rights, in which all property is privately owned.
- In a capitalist society, all human relationships are voluntary. Men are free to cooperate or not, to deal with one another or not, as their own individual judgments, convictions and interests dictate.
- Businessmen are the one group that distinguishes capitalism and the American way of life from the totalitarian statism that is swallowing the rest of the world. All the other social groups — workers, farmers, professional men, scientists, soldiers — exist under dictatorships, even though they exist in chains, in terror, in misery, and in progressive self-destruction. But there is no such group as businessmen under a dictatorship. Their place is taken by armed thugs: by bureaucrats and commissars. Businessmen are the symbol of a free society — the symbol of America.
- Ayn Rand (1967), Capitalism: The Unknown Ideal, p. 55
- [Capitalism is] an economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations, esp. as contrasted to cooperatively or state-owned means of wealth.
- Random House Webster's college dictionary. (1991) p. 202: Lemma "Capitalism"
- [Capitalism is] an economic system in which land and means of production, as factories, are owned mainly by private individuals or companies rathen than by the government, and there is competition among businesses: The economic system of the U.S. is based on capitalism
- Random House School Dictionary, 1990: Lemma "Capitalism"
- [Capitalism is] a system of economy based on free enterprise with minimum interference by government; an economic system in which the bulk of the means of production (e.g. the production facilities and the capital) and the means of distribution (marketing facilities and systems) of goods and services are privately owned and operated; or a system of economic activity whereby the individual uses his talents and/or capital for the purposes of earning a profit. The paraphrase one economist, it is a system of incentive and work for profit; a system of "two cows and one bull," not the other way around."
- Raymond, Walter. J. Dictionary of Politics: Selected American and Foreign Political and Legal Terms, Brunswick Publishing (2002), p. 71. Lemma "Capitalism"
- Capitalism is organised crime, and we are all its victims.
- Refused, The Shape of Punk to Come.
- Government doesn’t "intrude" on the "free market." It creates the market. ... Those who argue for "less government" are really arguing for a different government—often one that favors them or their patrons.
- Robert Reich, Saving Capitalism: For the Many, Not the Few (2015)
- Capitalism is a social system based on private ownership of the means of production. It is characterized by the pursuit of material self-interest under freedom and it rests on a foundation of the cultural influence of reason. Based on its foundations and essential nature, capitalism is further characterized by saving and capital accumulation, exchange and money, financial self-interest and the profit motive, the freedoms of economic competition and economic inequality, the price system, economic progress, and a harmony of the material self-interests of all the individuals who participate in it.
- George Reisman Capitalism: A Treatise on Economics
- [Capitalism is] an economic system based on private ownership, competition, and a free market
- Philip M Rideout (2000) The Newbury House dictionary of American English. Heinle Publishers Inc, p. 108: Lemma "Capitalism"
- 1. An economic system, marked by open competition in a free market, in which the means of production and distribution are privately or corporated owned and development is proportionate to the accumulation and reinvestment of profits.
2. A political or social system considered to be based on capitalism.
- Riverside Publishing Company (1984) Webster's II new Riverside university dictionary. p. 227. Lemma "Capitalism".
- We must first decide what the meaning of the term 'capitalism' really is. Unfortunately, the term 'capitalism' was coined by its greatest and most famous enemy, Karl Marx. We really can't rely upon him for correct and subtle usage. And, in fact, what Marx and later writers have done is to lump together two extremely different and even contradictory concepts and actions under the same portmanteau term. These two contradictory concepts are what I would call 'free-market capitalism' on the one hand, and 'state capitalism' on the other. The difference between free-market capitalism and state capitalism is precisely the difference between, on the one hand, peaceful, voluntary exchange, and on the other, violent expropriation.
- Murray Rothbard (2011) Economic Controversies. p. 671
- The first man who, having enclosed a piece of land, thought of saying ‘This is mine’ and found people simple enough to believe him, was the true founder of civil society. How many crimes, wars, murders; how much misery and horror the human race would have been spared if someone had pulled up the stakes and filled in the ditch and cried out to his fellow men: ‘Beware of listening to this impostor. You are lost if you forget that the fruits of the earth belong to everyone and the earth itself belongs to no one!”
- Advocates of capitalism are very apt to appeal to the sacred principles of liberty, which are embodied in one maxim: The fortunate must not be restrained in the exercise of tyranny over the unfortunate.
- Bertrand Russell Sceptical Essays (1928), Ch. 13, Freedom in society
- I dislike Communism because it is undemocratic, and capitalism because it favors exploitation.
- Bertrand Russell, Unarmed Victory (1963), p. 14
- It is the cheap cloth, the cheap cotton and rayon fabric, boots, motorcars and so on that are the typical achievements of capitalist production, and not as a rule improvements that would mean much to the rich man. Queen Elisabeth owned silk stockings. The capitalist achievement does not typically consist in providing more silk stockings for queens but in bringing them within the reach of factory girls in return for steadily decreasing amounts of effort.
- Joseph Schumpeter, Capitalism, Socialism and Democracy (1950, 3rd ed.), part II, chapter VII, p. 82.
- Capitalist civilization is rationalistic 'and anti-heroic.' The two go together of course. Success in industry and commerce requires a lot of stamina, yet industrial and commercial activity is essentially unheroic in the knight's sense — no flourishing of swords about it, not much physical prowess, no chance to gallop the armored horse into the enemy, preferably a heretic or heathen - and the ideology that glorifies the idea of fighting for fighting's sake and of victory for victory's sake understandably withers in the office among all the columns of figures. Therefore, owning assets that are apt to attract the robber or the tax gatherer and not sharing or even disliking warrior ideology that conflicts with its 'rational' utilitarianism, the industrial and commercial bourgeouis is fundamentally pacifist and inclined to insist on the moral application of the moral precepts of private life to international relations. It is true that, unlike most but like other features of capitalist civilization, pacifism and international morality have also been espoused in non-capitalist environments and by pre-capitalist agencies, in the Middle Ages of the Roman Church for instance. Modern pacifism and modern international morality are nonetheless products of capitalism.
- Joseph Schumpeter, Capitalism, Socialism and Democracy (1950, 3rd ed.), part II, chapter XI, p. 127f.
- In terms of concretes, by capitalism I mean an economy with no progressive taxes, no central bank, no pure paper currency, no drug prohibition, no gun prohibition, no 'affirmative action' employment mandates for any ethnic group, no government-run health care, no federal departments of education, energy, labor, homeland security, health and human services, no DEA, BATFE, SEC, EPA, FTC, FDA, no minimum legal wage rates, no price controls, no tariffs, no welfare — domestic or foreign, rural or urban, for the rich or the poor. You know, a free economy!
- As we know, socialism is calculational chaos. Rational appraisement and allocation are eternally elusive. It is a gigantic negative-sum game in which each player quickly grabs a piece of the pie, and all the while the pie shrinks before the players' eyes. The welfare/warfare state, the interventionist state, is no improvement. Each intervention begets yet another. Bureaucracy is the only 'industry' guaranteed to experience growth. Each new regulation taxes the private sector, relentlessly shifting resources out of the hands of the productive, and into the hands of the unproductive. Capitalism is the only positive-sum game in town.
- Capitalism has destroyed our belief in any effective power but that of self interest backed by force. But even Capitalist cynicism will admit that however unconscionable we may be when our own interests are affected, we can be most indignantly virtuous at the expense of others.
- George Bernard Shaw, in The Intelligent Woman's Guide to Socialism and Capitalism (1928), p. 214.
- You have to choose (as a voter) between trusting to the natural stability of gold and the natural stability of the honesty and intelligence of the members of the Government. And, with due respect for these gentlemen, I advise you, as long as the Capitalist system lasts, to vote for gold.
- George Bernard Shaw, in The Intelligent Woman's Guide to Socialism and Capitalism (1928), p. 263.
- [Capitalism is] an economic system of government in which 1) private ownership of property exists; 2) CAPITAL ownership can provide income to the owners; 3) relative freedom of competition for economic gain is permitted; 4) the profit motive is basic to economic life. Also called FREE ENTERPRISE SYSTEM."
- Small-business-dictionary.org. Lemma "Capitalism", 2006
- Capitalism designates an economic system significantly characterized by the predominance of "capital." Capitalism and double entry bookkeeping are absolutely indissociable; their relationship to each other is that of form to content.
- Werner Sombart Der Moderne Kapitalismus
- Because the West has a property rights system, and property rights systems seem to be about ownership. What we're discovering more and more is that it's really the system that undergirds the system of values called capitalism. In other words, you have property rights in the West. In developing nations we do, too, but they're not legal. Once you legalize them and you have recordkeeping systems and you have tracking systems and you've got contracts and you're able to get all the information about somebody's ownership over an asset, all of a sudden you obtain enormous amounts of data that you do not have in developing nations. In the West, that is captured in the property system. If you are somebody that is honorable and pays their debts, which is what somebody would be interested in, that's going to be captured in your records, and your records are linked to your property records. All of these are property rights, [but we don't have them] organized in a central system … in Third World countries.
- Capitalism works not through coercion or conquest, but through the consent of the consumer.
- Grotesque sentiments such as the lust of business success or economic power of any kind, and indeed every purely self-regarding passion, from that of the social climber to that of the salvation-seeking ascetic, are experienced by the explorer with something of that shame which the child, emerging into adolescence, may feel toward the still-clinging fascination of his outgrown toys, or with such disgust as the youth may feel when he wakes from some unworthy sexual infatuation.
- Olaf Stapledon, Last Men in London (1932), Chapter II
- Capitalism prospers in an environment with a peculiar combination of self-interested behavior - enough to induce individuals to look for profitable activities - and non-self-interested behavior, where one's word is one's honor, where social rather than economic sanctions suffice to enforce contracts.
- Joseph E. Stiglitz, Whither Socialism? (1994), chapter 16, p. 271
- It is the fundamental wisdom of the capitalist system that it functions irrespective of the wisdom or the stupidity of the capitalists.
- Gustav Stolper, in This Age of Fables (1942), Part I, Ch. 8, Sec. 10, p. 167
- Do we have all the hatred and all the aversion for the world which Our Lord requires, and which his example must inspire in us?
- Have we regarded it as the greatest enemy of Christianity, an enemy that can not abide that Jesus Christ reigns over the faithful, crying ceaselessly through the mouth of its fans, “We do not want this man to reign over us” (Saint Anthony).
- Have we raised ourselves up to that outlook opposed to the world, and have we tried to destroy the esteem and love for it in all hearts?
- Have we referred to it with indignation, distance and contempt; and have we made it clear that it is filled only with corruption, vanity and falsehood?
- Have we condemned the world's sentiments? Are we opposed to its maxims? And have we made all our efforts to abolish its laws and overturn its accursed customs?
- Have we despised what the world esteems and esteemed what it despises? Have we fled what it wants and wanted what it flees? Have we loved what it hates and hated what it loves?
- Have we had the colossal aversion to the world's public assemblies, to its spectacles and all its pomp? ...
- Have we fled the company of worldly persons, whom the saints, especially the Ecclesiastics, advise us to avoid like the plague, whom one should see only by necessity, and from whom we should separate ourselves as vigilantly as we can?
- Have we wanted, in order to render our separation from the world as perfect as the sanctity of our state demands, that the world have aversion to us, as we have aversion to the world, following the example the apostle has given us, “The world is crucified to me, and I to the world” (Gal. 6:14).
- Louis Tronson, Examens particuliers sur divers sujets, pp. 321-322
- The territorial aristocracy of former ages was either bound by law, or thought itself bound by usage, to come to the relief of its serving-men and to relieve their distresses. But the manufacturing aristocracy of our age first impoverishes and debases the men who serve it and then abandons them to be supported by the charity of the public.
- Alexis de Tocqueville, Democracy in America, Volume II (1840), Book Two, Chapter XX.
- Production for sale in a market in which the object is to realize the maximum profit is the essential feature of a capitalist world-economy. In such a system production is constantly expanded as long as further production is profitable, and men constantly innovate new ways of producing things that will expand the profit margin.
- Immanuel Wallerstein (1979) The Capitalist World-Economy. p. 15
- The disappearance of the heroic ideal is always accompanied by the growth of commercialism. There is a cause-and-effect relationship here, for the man of commerce is by the nature of things a relativist; his mind is constantly on the fluctuating values of the marketplace, and there is no surer way to fail than to dogmatize and moralize about things.
- Richard Weaver, Ideas Have Consequences (Chicago: 1948), p. 32
- In contrast to all other forms of domination, the economic domination of capital cannot, because of its 'impersonal character', be ethically regulated. ... The competitiveness, the market, the labour market, the monetary market, the commodity market, in one word 'objective' considerations, neither ethical nor anti-ethical, but simply non-ethical ... determine behaviour at the decisive points.
- Max Weber, Economy and Society (1923), in The War of Gods: Religion and Politics in Latin America (1996), p. 143
- We will define a capitalistic economic action as one which rests on the expectation of profit by the utilization of opportunities for exchange, that is on (formally) peaceful chances of profit...Unlimited greed for gain is not in the least identical with capitalism, and is still less its spirit. Capitalism may even be identical with the restraint, or at least a rational tempering, of this irrational impulse. But capitalism is identical with the pursuit of profit, and forever renewed profit, by means of conscious, rational, capitalistic enterprise.
- Max Weber, The Protestant Ethic and the Spirit of Capitalism
- [Capitalism is] the economic system in which all or most of the means of production and distribution, as land, factories, railroads, etc., are privately owned and operated for profit, originally under fully competitive conditions: it has been generally characterized by a tendency toward concentration of wealth, and, in its later phase, by the growth of great corporations, increased government control, etc.
- Webster's New World College Dictionary, 3rd Edition:. Lemma "Capitalism"
- [Capitalism is] an economic system characterized by private or corporation ownership of capital goods, by investments that are determined by private decision rather than by state control, and by prices, production, and the distribution of goods that are determined mainly in a free market."
- Webster's Seventh New Collegiate Dictionary. (1969). p. 124. Lemma "Capitalism"
- The struggle between the opponents and defenders of capitalism is a struggle between innovators who do not know what innovation to make and conservatives who do not know what to conserve.
- Simone Weil, "The Power of Words" (1937)
- Capitalism has brought about the emancipation of collective humanity with respect to nature. But this collective humanity has itself taken on with respect to the individual the oppressive function formerly exercised by nature.
- Simone Weil, Gravity and Grace (1972), p. 140
- [Wolf defines capitalism in terms of] three intertwined characteristics: First, capitalists detain control of the means of production. Second, laborers are denied independent access to means of production and must sell their labor power to the capitalists. Third, the maximalization of surplus produced by the laborers with the means of production owned by the capitalists entails "ceaseless accumulation accompanied by changes in the methods of production.
- Eric Wolf, Europe and the People Without History. p. 78 cited in: Sweezy 1942: 94; Mandel 1978, 103-107.
- [Capitalism is] an economic system in which the means of production and distribution are privately owned, and prices are chiefly determined by open competition in a free market.
- Wordsmyth Educational Dictionary-Thesaurus on www.wordsmyth.net, 2013: Lemma "Capitalism"
- [Capitalism is] an economic system in which land, factories, and other resources are owned by individuals instead of the government. In this system, goods are sold for the purpose of making money.
- Wordsmyth Children's Dictionary: Lemma "Capitalism"
- Capitalism has always been a failure for the lower classes. It is now beginning to fail for the middle classes.
- Howard Zinn, A People's History of the United States, 1995 edition, chapter 23.