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No Apologies For Capitalism

May 14, 2011
By Daniel McLaughlin , The Post-Journal

A word can have multiple, conflicting connotations, and misunderstandings can arise when we don't agree on meanings. Capitalism is one of those loaded terms because it has been used to describe different things. To be clear, by capitalism I mean the institutions of a society which enable free, voluntary, competitive commerce and the private accumulation of assets from production and trade. Those institutions protect the life, liberty and property of the people. That accumulation of assets is called capital, another term for wealth, and individuals and societies accumulate wealth by producing more than they consume. Those which don't produce more decline or remain poor.

 
 
 

 

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