this post was submitted on 21 Jul 2023
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I really feel like this definition is fairly incomplete. All the traits you mentioned can also describe feudalism, but replacing "capitalist" with "noble", which is sanctioned and invested by other nobles or the suzerain. You could say that capitalism is "any system that supports private ownership of private property that is used to collect the products of another person's labor". With the mention that the private ownership can be asserted by either a person or an organized group of persons, but both private entities
Ah... good point. My description did nothing to distinguish capitalism from feudalism. There is necessity for some mention of who is allowed ownership of this form of property. (Or what is allowed ownership as is often the case.)
As for the word private though: I wanted to avoid more terms I would need to define that might obscure my definition. Also I'm not even sure what distinguishes private ownership from other kinds of ownership. Or what makes a private entity.
But thanks for the input. At some point I'll edit my definition.