Capitalism - start of a discussion
Private ownership of capital
Capital refers to assets available for transformation via processes to a higher order of asset value. Capital can be materials, property, and money owned by people or businesses. Capital goods or real capital are used to create goods and to provide services and are consumed by production processes. Such assets may also depreciate.
One definition suggests that human resources are of economic value and refers to “their being owned.” People should not be “owned” though constraints may be put on their deployment and application through employment agreements. Of course there are places like Angola where there is human trafficking and people are “owned.”
Capitalism is an economic theory and system based on private ownership of capital that includes money and land, the non-labor factors of production (also known as the means of production) in which goods and resources are traded in markets.
Capitalism stresses controlling of the means of producing economic goods in a society by those who invest the capital for production. Risk taking is a healthy element of capitalism.
Capitalism is the current economic system of the United States and much of the world, operating according to supply and demand, as well as the drive for greed and profit. The drive for profit can create risks for workers because capitalists may be willing to risk worker safety and the environment for their own gain.
“Henry George (September 2, 1839 – October 29, 1897) was an American writer, politician and political economist, who was the most influential proponent of the land value tax, also known as the "single tax" on land. He inspired the philosophy and economic ideology known as Georgism, which is that everyone owns what he or she creates, but that everything found in nature, most importantly land, belongs equally to all humanity.”
Henry George challenged the notion that natural resources may be privately owned. He rejected that idea as natural resources belong to everyone.
“Chicago School of economics
Main article: Chicago school (economics)
The Chicago School of economics is best known for its free market advocacy and monetarist ideas. According to Milton Friedman and monetarists, market economies are inherently stable if left to themselves and depressions result only from government intervention. Friedman, for example, argued that the Great Depression was result of a contraction of the money supply, controlled by the Federal Reserve, and not by the lack of investment as Keynes had argued. Ben Bernanke, current Chairman of the Federal Reserve, is among the economists today generally accepting Friedman's analysis of the causes of the Great Depression.
Milton Friedman effectively took many of the basic principles set forth by Adam Smith and the classical economists and modernized them. One example of this is his article in the September 1970 issue of The New York Times Magazine, where he claims that the social responsibility of business should be “to use its resources and engage in activities designed to increase its profits...(through) open and free competition without deception or fraud.” ”
The Chicago School reference illustrates the current thinking as it is adopted by Ben Bernanke, Federal Reserve Chairman.
What is the Obama School of economics?
“Non-producers Attack The Producers
What percentage of people are involved in the various segments of a society? How many are entrepreneurs, inventors or innovators willing to take risks to set up a business or pursue an opportunity? We’re told small businesses are the engine of the US economy, but what percentage are they? The US was built around immigrants, almost a gene pool of those who sought freedom to pursue enterprise and opportunity, and as a nation has the greatest chance of resisting the socialist insurgence. Immigrants left behind those who had a greater trust in government. It is a major difference between Canada and the US.
Obama’s support comes from socialists and even communists like Van Jones, most academics, Union leaders, bureaucrats and environmental groups. They all feed at the public trough while undermining those who generate the wealth. They are the parasites of society who produce nothing and advance by destroying or feeding off others. A parasite is defined as “an organism that lives in or on another organism and benefits by deriving nutrients at the host’s expense.” Margaret Thatcher said, “Socialism only works until you run out of other people’s money.” You can appear to get ahead by pulling yourself up or by pushing others down. It is much easier to push others down and that is the pattern and actions of all these groups. But what happens if the organism on which the parasite feeds, dies? Even worse, and illogical is when the parasite deliberately sets out to destroy the host?”