Language and Philosophy

Capitalism is an economic system characterized by private ownership of productive resources, market exchange, competition, and the pursuit of profit. Under capitalism, individuals and private organizations generally have the legal right to own property, establish businesses, invest resources, and participate in voluntary exchange. Markets and prices coordinate many decisions concerning what goods and services are produced, how they are produced, and who consumes them. Capitalism is not a single, uniform system. Contemporary capitalist societies vary considerably in their taxation, regulation, public services, labor protections, and levels of government intervention. Most are therefore mixed economies, combining private markets with government policies and publicly provided goods and services. Capitalism is best understood as a broad institutional framework for organizing economic activity rather than as a completely standardized model. Brief History Markets, trade, and private ...

  When students first hear the word “neoliberalism,” they often think it simply means being “modern” or “politically liberal.”  However, neoliberalism does not primarily refer to liberal political values such as freedom and equality.  Instead, it is mainly an economic and political philosophy centered on the belief that society functions best when organized according to market principles. Essentially, neoliberalism argues that free markets are the most efficient and rational way to organize economic and even social life.  According to this theory, competition  improves quality,  increases innovation,  lowers costs,  and promotes individual freedom.  As a result, neoliberalism generally favors policies such as  privatization,  deregulation,  free trade,  reduced government spending,  and the expansion of the market system into many areas of society. Defining Neoliberalism The term “neoliberalism” literally means...