• MechaJutaro@lemmy.world
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    7 months ago

    That’s a salient point… “Capitalism” is one of many words that’s been redefined in a few million ways since '16

    • J Lou@mastodon.socialOP
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      7 months ago

      Capitalism’s defining institutions are

      1. The employer-employee contract
      2. Private ownership of the means of production
      3. Private property in land

      The alternative to capitalism I propose, Georgist economic democracy, abolishes 1 and 3. 2 continues formally but there is widespread collective ownership of the means of production. Markets continue to exist to help coordinate production and allocate resources. Many defenders of capitalism incorrectly conflate capitalism with markets @general