Capitalism and Capitalistic Values

Enjoy Capitalism
Enjoy Capitalism (Photo credit: @boetter)

Let’s first make sure we have a clear understanding of capitalism. It is an economy in which the means of production—factories, shops, and farms and so on—are owned by private individuals not the government.
These individuals are entrepreneurs or capitalists; they take their own money (Capital) and invest it in a business in hopes of getting a (profit) on the investment.
The goods produced are distributed through a “free market” as producers offer what they make to potential customers. Prices are neither set in advance nor decreed by central agency.
They are what buyers and sellers agree on and the result from what are called the laws of (supply and demand) as when consumer demand a product outstrips the available supply, people are willing to pay more for it and prices go up.
But when producers supply more of a product than people would buy, prices fall. Under capitalism completion and innovation among producers is essential to make sure that prices are fair.
Producers are thus encouraged to become more efficient and successful in delivering honest value to customers if not delivering a customized product or service to the people by knowing exactly what they need.
Capitalism also assumes that buyers and sellers, employers and employees will simply advance their own interests as the different interests among opposing parties and the existence of a free market for goods and labor is supposed to keep the game honest.
In essence than capitalism is an economic system based on private ownership, capital, self-interest and a free, competitive market. We shall see shortly that Marx finds capitalism inhumane, an economic system that makes genuine freedom and happiness impossible. For now let’s take capitalism at face value and see what effect such an arrangement of the (material conditions) has on the values we live by every day.

6 comments on “Capitalism and Capitalistic Values

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