Can you provide a source for that definition of capitalism?
Genuinely asking, as it’s not the definition I have historically heard, and while I can find things that argue that what you are saying is an inevitable byproduct of unregulated capitalism, I can’t find anywhere that says those problems are a requirement for a system to be called capitalism.
As far as I can tell, if there is free trade and money/capital is owned and managed by private citizens, then that meets every formal definition of capitalism I have been able to find.
“Late stage capitalism” I think carries the connotations that you have outlined, but not capitalism in general.
Can you provide a source for that definition of capitalism?
Genuinely asking, as it’s not the definition I have historically heard, and while I can find things that argue that what you are saying is an inevitable byproduct of unregulated capitalism, I can’t find anywhere that says those problems are a requirement for a system to be called capitalism.
As far as I can tell, if there is free trade and money/capital is owned and managed by private citizens, then that meets every formal definition of capitalism I have been able to find.
“Late stage capitalism” I think carries the connotations that you have outlined, but not capitalism in general.
Karl Marx