Subject: What is Capitalism?
Posted: 15 September 2020 at 4:06am
Generally, capitalism is understood by economist theorists as an economic system, emphasising ownership, private property and a free competitive market with a minimal role for the state. However, these elements have existed in most systems of governance.
Capitalism is a word used so often that one would think everyone agreed on what it means. But that is not the case.
One might expect to find a definition from two economists, who come to mind as those who first explained the nature of capitalism, Adam Smith and Karl Marx. But Smith never used the term at all. And in all of Marx's books, there are only a handful of references to capitalism.
Generally, capitalism is understood by economist theorists as an economic system, emphasising ownership, private property and a free competitive market with a minimal role for the state. However, these elements have existed in most systems of governance.
Zafer Iqbal, a master of Islamic Studies explored this in an article he wrote on the topic. He established that Capitalism is not just an economic system but also a complete system of life.
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