Working People Are Hurt More by Rising Inequality Than Slow Economic Growth
Defenders of capitalism in the United States often choose not to use that term when naming our system, preferring instead the phrase “market system.” Market system sounds so much better, evoking notions of fair and mutually beneficial trades, equality, and so on. The use of that term draws attention away from the actual workings of our system.
In brief, capitalism is a system structured by the private ownership of productive assets and driven by the actions of those who seek to maximize the private profits of the owners. Such an understanding immediately raises questions about how some people and not others come to own productive wealth and the broader social consequences of their pursuit of profit.
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