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Re: Capitalism Is To Under Pay Workers And Keep Pr
Posted By: selassielive In Response To: Re: Capitalism Is To Under Pay Workers And Keep Pr (rasi)
Date: Friday, 15 June 2007, at 12:41 a.m.
"Beyond this, all control, use and investment of money should be the prerogative of the state with the concurrent authority of the people."
Greetings Rasi
Obviously Garvey was not talking about Capitalism as it is commonly defined because capitalism involves private individuals/groups/corporations. The good of the people is not determined by the people.Baba Marcus is talking about capitalism and its common usage of the term:
"Capitalism generally refers to an economic system in which the means of production are mostly privately[1] owned and operated for profit, and in which investments, distribution, income, production and pricing of goods and services are determined through the operation of a free market. It is usually considered to involve the right of individuals and groups of individuals acting as "legal persons" or corporations to trade capital goods, labor, land and money "
~from wikipedia
Garvey may have been refering to a type of state capitalism which is also referred to as a form of socialism.
"State capitalism, in its classic meaning, is a private capitalist economy under state control. This term was often used to describe the controlled economies of the great powers in the First World War.[1] This term is also used by some heterodox economists to describe a society wherein the productive forces are owned and run by a state in a capitalist way, even if such a state chooses to call itself socialist...state capitalism is usually defined in the latter sense: as a social system combining capitalism — the wage system of producing and appropriating surplus value — with ownership by a state apparatus. By that definition, a state capitalist country is a country where the government controls the economy and essentially acts like a single giant corporation."
~ from wikipedia
Peace
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