Smivs wrote:Wikipedia wrote:Capitalism is an economic system and a mode of production in which trade, industries, and the means of production are largely or entirely privately owned.
Which has been broadly true like forever, hasn't it? Whether the system was run by individuals, Pharoahs, religious leaders or just plain feudal Kings and Lords this has been the case throughout history. Publicly owned property (Socialism/Communism) is the relatively recent invention.
Precisely what I disagree with.
"largely or entirely privately owned" is a shortcut way to say "ability to destroy, transfer, use and lend largely or entirely privately owned", but this ability is not a boolean (true/false), it's a float, an ability you can measure.
For example, your ability to sell a house depends on the number of potential buyers (the location). Try in Detroit...
And in the past, the liquidity was very low compared to now : lack of buyers, banking system frowned upon, traditional ways to decide who would exploit in the name of the lord, etc.
So, "trade, industries, and the means of production" were in name privately owned, but in fact the "ownership capability index" was very low. Enough so that lords did rule, but did not "own" in our current meaning.
The capitalism concept depends on the ownership concept, and this one has varied a lot, and still is.
In sweden, you may travel on any field. Try that in France! Clearly, to be able to prevent others from entering your "own(ed)" land is part of capitalism in France, but not in Sweden...
In England, terrains are not owned, but conceded by the crown for 99 years (correct me if I'm wrong). Is that ownership? Is this capitalism?
Nope. Capitalism is a theoretical concept, not a real world one. :-p
Edit/add: in the real world, some capitalist pretentions are guaranteed by the government (nobody enters your field), and others are limited by the same government (hunters mat enter your field at will if it is smaller than a certain threshold, to regulate wild life).
If the government implements a democracy, then local capitalism is submitted to the public will.
If not, then the eventual local ownership laws may be changed at any moment, and ownership is virtual.