The poor are getting poorer. Prophesying doom and gloom is simply not my style. I think business can help fix things and create a more prosperous world for everyone. I happen to believe in business because I believe that business can be a force for good.
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Business Brilliant: Surprising Lessons from the Greatest. In Business Brilliant, Lewis Schiff combines compelling storytelling with ground-breaking research to show the rest He explodes common myths about wealth and explains how legendary entrepreneurs I quite like the OED def. Hope this helps. If a corporation is a public entity is it properly considered part of a capitalist system? For clarification, a corporation grants limited liability to its owners, protecting their wealth in case of any wrong doing. This limited liability status accrues to parties that do business with the corporation and to parties that do not do business with the corporation, such as neighbors or other third parties this last type of limited liability, without an implicit or explicit contract between the parties, is granted by the state, making the corporation a public entity rather than private entity.
So why does the 'private ownership if capital' definition of capitalism include corporations? Mrdthree , 18 September UTC.
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Whether capitalism relies on the existence of corporations or not is a matter of POV. I happen to agree with Mrdthree, but we both have to acknowledge that there are some historians of capitalism who see the development of corporations as critical to the emergence of capitalism. Also, a tangential note sort of, but Mrdthree you are being anachronistic. It is true that today in the US at least the government represents all people over However, when corporations first developed as an institution, governments - all to my knowledge - represented only male property-holders.
Mrdthree said, "The owners of a corporation do not have full control over a corporation, they must commit to an executive structure defined by law that they cannot alter.
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But even if the structure is defined by law, the composition of the individuals in the actual executive positions IS controlled by the owners that is, the stockholders. The introductory definition misses in my view essential points. It is a creature of the law. Therefore ownership is a legal instrument and, if meaningful, needs to be protected by law and if need be by legal force — if the concept of ownership is supposed to have any meaning at all. The second part of the definition is beside the point. The essence of capitalism is not capital - but risk bearing.
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In other words — capital is not the defining feature of capitalism. Therefore the second part of the definition should read as follows: "…. All the other stipulations in the present definition do not contribute to the essence of what defines capitalism - in my view. I do not agree with the latter part of your statement. Property is rightful possession acknowledged by others, meaning it is a relation among people regarding things.
Without rightful possession there is just possession and possession is in the end a matter of physical dominance. There is no historical evidence and no inherent logic in the claim that capitalism would develop without enforceable rules of law. For a starter see John R.
Popeye2 , 3 October UTC. But there are — in my view — several difficulties using the term capital in a definition of capitalism.
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The first problem is that capital is multifaceted term. It can mean money or claims expressed in money terms or it can mean real things like a car or a machine. But each of these items can also be non-capital depending on the circumstances in which these things are employed. So the definition of capitalism by means of the word capital poses a semantic problem for most people and is also a close candidate for a vicious circle.
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This complicates the term capital further. Few would associate a patent or a copyright with the term capital. As profit is a residual in contrast to a contractual claim on the gain of this assembly of resources - its defining feature is risk. After all contractual obligations of an enterprise have been paid what remains the residual is the profit or loss of this enterprise because it is not know at the onset. That — in a nutshell - is the reasoning for my suggestion, which, I am sure, can be improved.
So, I created the Capitalism portal. I originally did this in order to help reduce some of the conflict found in the main article, figuring that maybe the portal would be a good place to highlight the different points of view, give more room to these points, maybe reduce the main article down some I discussed its creation on the Business and Economics portal talk page, but I realize I should have discussed it here.
The reason I didn't is because I wasn't sure that creating the Capitalism was warranted.