Tuesday, February 16, 2021

This Optimism Is Countered

Capitalism is a mode of socio-economic organization in which a class of entrepreneurs and entrepreneurial institutions provide the capital with which businesses produce goods and services and employ workers.  In return the capitalist extracts profits from the goods created.  Capitalism is frequently seen as the embodiment of the market economy, and hence may result in the optimum distribution of scarce resources, with a resulting improvement for all; this optimism is countered by pointing to the opportunity for exploitation inherent in the system.

-- Simon Blackburn (1944 -), British academic philosopher known for his work in quasi-realism and his efforts to popularise philosophy, editor Oxford Dictionary of Philosophy, Lemma "Capitalism" (1996)

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