this post was submitted on 21 Jul 2023
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What is the definition of capitalism? Is it compatible with people owning the things they produce? (reddthat.com)
submitted 1 year ago* (last edited 1 year ago) by [email protected] to c/[email protected]
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@[email protected] asked "why are folks so anti-capitalist?" not long ago. It got quite a few comments. But I noticed a trend: a lot of people there didn't agree on the definition of "capitalism".

And the lack of common definition was hobbling the entire discussion. So I wanted to ask a precursor question. One that needs to be asked before anybody can even start talking about whether capitalism is helpful or good or necessary.

Main Question

  • What is capitalism?
  • Since your answer above likely included the word "capital", what is capital?
  • And either,
    • A) How does capitalism empower people to own what they produce? or, (if you believe the opposite,)
    • B) How does capitalism strip people of their control over what they produce?

Bonus Questions (mix and match or take them all or ignore them altogether)

  1. Say you are an individual who sells something you create. Are you a capitalist?
  2. If you are the above person, can you exist in both capitalist society and one in which private property has been abolished?
  3. Say you create and sell some product regularly (as above), but have more orders than you can fulfill alone. Is there any way to expand your operation and meet demand without using capitalist methods (such as hiring wage workers or selling your recipes / process to local franchisees for a cut of their proceeds, etc)?
  4. Is the distinction between a worker cooperative and a more traditional business important? Why is the distinction important?
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[โ€“] [email protected] 1 points 1 year ago

Oh, I agree there's plenty of pros and cons to talk about regarding a capitalist economy. There's also plenty to talk about regarding the form capitalism has taken in our global and local economies. However, that's for the other discussion OP mentioned. This one is only about defining what capitalism is.

To that end, and in regards to your critique about parasitic owners living off the labor of workers, I'd like to pose another question: Does a capitalist system require workers and employers?

I would say no. It's entirely feasible for everyone in a capitalist society to produce and trade their own sprockets. It would be up to each individual to either inherit a given trade from someone who's retiring, or else find something society needs that they can fulfil. Our current use of capitalism may largely contain organized businesses built on employer/worker relationships, but that's not a defining trait of the system.

The cost and price of sprockets is also not a defining trait of capitalism. You're free to set your own price on any sprocket you own. You could ask for a handful of dirt as payment, or you could ask for the literal moon. Is the moon a fair price for your sprocket? That's debatable, and largely decided by your consumers