How the Capitalistic Market is supposed to and actually works?
Discussing capitalism involves various economic concepts, and I tend to agree that "the economy is too important to be left to economists alone, not sociologists." Capitalism is characterized by three principal conditions: 1. Production organized for the market; 2. Private ownership of production means; 3. Employment of workers through a labor market. The argument for capitalism encompasses both moral and pragmatic aspects. Morally, the fundamental notion is that the capitalistic market can enhance individual freedom, a paramount social value. This freedom is primarily negative freedom, meaning an individual is not coerced into actions. In this system, buyers and sellers engage in voluntary exchanges, and people are permitted to spend money as long as they do not infringe on others' property rights. Therefore, minimally regulated capitalism is seen as the economic organization form that best aligns with moral principles. Pragmatically, the argument for capitalism include...