Capitalism

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Quotes

Slide from "History of Economic Thought" presentation by Peter Joseph, 2013-03-17:

1. Market-Based Production/Distribution: Commodity production is based around interrelationships that usually do not involve direct personal interactions between producers and consumers. Supply and demand is mediated by a mechanism called the "Market".
2. Private Ownership of Production Means: This means that society grants to private persons the right to dictate how the raw materials, tools, machinery, and buildings necessary for production can be used.
3. Decoupling of Ownership and Labor: "Capitalists", by historical definition, own the means of production, but yet have no obligation to contribute to production itself physically. Everything is produced by the Laborers, who, in effect, only own their own labor itself, is owned by the Capitalist, by legal authority.
4. A Self-Maximizing Incentive assumed: Individualistic, competitive and acquisitive interests are necessary for the successful functioning of Capitalism since a constant pressure to consume and expand is needed to avoid recessions, depressions, and other negatives.

Premises

1. Property and
2. the Labor Theory of Value
3. Utilitarianism and
4. the Utility Theory of Value
5. The "Invisible Hand" metaphysic and
6. Conclusion that Classes, Imbalance and Suffering is Inevitable