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Pastimes : Let's Talk About Our Feelings!!! -- Ignore unavailable to you. Want to Upgrade?

To: Father Terrence who wrote (42933)	7/1/1999 9:44:00 PM
From: Achilles	Read Replies (1) \| Respond to of 108807

>No. That is Marx's definition of capitalism. Read Noble Prize winner (Economics) Friedman's Free to Choose to get a better grasp of real capitalism.< Well, thanks for the reference. I haven't read this work, but I assume that it does not so much redefine capitalism but defend it as the best practical approach to economic life. And so rather than denying that a seller sets his price at the maximum price the market will bear (regardless of the 'real' value of the product), Friedman will say that this is best because it encourages competition, etc., which will ultimately force the price down. Now I suspect that (like almost everyone) my own views about the morality of capitalism lie somewhere between Marx and Friedman. But surely we can all agree on what it is before we get down to deciding whether it's a good thing or not.