29 Dec 2021 5:38 pm
Have you read any other economist besides Smith or Marx? Both have flawed theories, as did MalthusLibDave » 29 Dec 2021, 6:30 pm » wrote: ↑ Capitalism includes the contribution of those who as part of the agreement provide the tools necessary for more efficient production. If I build a machine to create women's hairpins (to take an example from Adam Smith) this machine and it's proceeds are by all rights mine. If you and I enter into an agreement were you work at my enterprise utilizing my machine in exchange for work I am contributing my labor (i.e. the hairpin machine) as well. Between the two of us we must agree on a free and fair trade. This is true whether I built the hairpin machine or purchased it from someone else with the proceeds from my other perhaps unrelated efforts.
For instance say we agree that I pay you $1,000/week to work 40 hours at my machine and I get to keep the product. I too have contributed to the production of the product. Or we could agree that you pay me $500 per week to use my machine and you get to keep the product. It's completely up to us to come to some kind of agreement. Capitalism is merely free enterprise with a recognition that capital is a part of production. That capital and it's ownership is merely an affirmation that the machine is my rightful property to do with as I please.
At its core capitalism is just the recognition of the Right to Property.
Try Henry George