What Defines Capitalism? What Is Wrong with It and How to Fix It?
Many people consider that capitalism is defined by the existence of markets. But markets exist in primitive, feudal, fascist, and socialist societies. Capitalism is better described and identified by the existence of private negotiable property rights. Such rights are not widely available in the type of market economies referred to above.
KeywordsCell Phone Debit Card Surplus Profit Windfall Gain Ecological Capitalism
Unable to display preview. Download preview PDF.
- Baratan, R. K. (ed.) (1979). Trusteeship: The Indian Contribution to a New Social Order. Chennai, India: Sriniketan.Google Scholar
- Davis A. M., & Palumbo M. G. (2006). “The Price of Residential Land in Large US Cities.” Finance and Economics Discussion Series Divisions of Research & Statistics and Monetary Affairs, Washington DC: Federal Reserve Board. Available at http://www.federalreserve.gov/Pubs/feds/2006/200625/200625pap.pdf.Google Scholar
- Fisher, Irving (1933). “The debt-deflation theory of great depressions”. Econometrica. 1: 33 7–57.Google Scholar
- Jacobs, J. (1985). Cities and Wealth of Nations: Principles of Economic Life. New York: Vintage Books.Google Scholar
- Roskam, J. (2006). “Home Truths and Politics.” Australian Financial Review, August 11: 90. Available at http://www.henrythornton.com/article. asp?article_id=4221.
- Turnbull, S. (2011a). “A Boomerang Ownership Tax System to Buy Back the Farm and Fund Welfare.” Submission to The Australian Tax Forum, September 27. Available at http://www.futuretax.gov.au/content/TaxForum/submissions/Dr_Shann_Turnbull.pdf.
- Turnbull, S. (2011b). “Inefficiencies and Inequities of Capitalism — And how they can be reduced,” in Chester, L., Johnson, M., & Kriesler P. (eds), Conference Proceedings — Refereed Papers — Presented to the 10th Australian Society of Heterodox Economists Conference, December 5 (Sydney, Australia: University of New South Wales), pp. 321–334. Available at http://ssrn.com/abstract=1849624.Google Scholar