Why Capitalism Works (and What Other Systems Must do to Compete)

“Steve Lambert’s Capitalism Works for Me! (True/False) in Times Square. Photo by Jake Schlichting for @TSqArts, 2013.” (Image found on Creative Time Reports)

Introduction

Recap

  1. In Part 1, we provided a novel post-liberal grounding of political economy and, especially important for this and future pieces, we explained the difference between private and personal property
  2. In Part 2, we examined our ideas of “what a market is” and understood why our typical ideas are misguided, culminating in a new, more accurate understanding of markets and how they function
  3. In Part 3, we laid out the true set of the means of production and examined different ownership criteria and frameworks that can exist in economic systems
  4. In Part 4, we proposed the crux of this series: the set of foundational questions that all systems of political economy must answer to function properly

What we’re answering today

Restating our Definition of Capitalism

  1. the production of commodities (production for exchange and to maximize exchange-value, not necessarily use-value),
  2. the accumulation of capital (through production for exchange and profit),
  3. And the primacy of the capitalist-laborer relationship (in which there are those who own the means of production and those who do not) and the wage-labour system that co-exists with it.

So How Do Money+Prices Solve the Foundational Problems?

The Information Problems

The Defector Problems

The Innovation/Efficiency Problems

How do Other Systems Compete?

Imagine coming to the brutal realization you named your piece after a PragerU “educational” video. My career is over.

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