Baron Rothschild Made a Fortune on Waterloo and Said “the Blood on the Streets” Quote Myth
Nathan Mayer Rothschild, likely didn’t say the “blood on the streets” quote, and further the story of him making a fortune at Waterloo likely isn’t true.
Capitalism
Capitalism is a system based on trade, profit, and private ownership as opposed to a system of common ownership and state control. Capitalism comes in a number of different forms, as long as individuals direct their own capital, it is capitalism.
Capitalism is to economics what democracy is to government, a system in which majority rule and individualism collide and excesses and deficiencies of liberty and equality are realized.
Factoids tagged with "Capitalism"
The Top Income Tax Bracket Used to Be 90% or More Fact
The top marginal income tax rate was over 90% under FDR and Eisenhower, but the effective rate in those times ranged from roughly 0% – 60%.
The Long Term Capital Gains Tax is Lower Than the Short Term Capital Gains Tax Fact
The long term capital gains tax is lower than other federal income taxes, including the capital gains tax and the income tax.
Wage Slavery and Chattel Slavery are Different Fact
Wage slavery (where an entity’s livelihood depends on wages or a salary) and actual “chattel” slavery (where an entity is enslaved by another entity) are very different.
Work Creates Private Property and Economic Value Fact
As John Locke and Adam Smith elude, physical work creates private property and gives possessions exchange-value (value in a trade).
Both Extreme Equality and Extreme Inequality Corrupt Democracy Fact
Extreme equality and an extreme inequality are both equally as dangerous in a democratic society. In both cases it corrupts the government.
There are Different Types of Value and Capital Fact
There are different types of capital, value, commodities, and markets including natural, human, social, manufactured, and financial.
The Issue is Always the Government or the Market Fact
For a given market, the choice always boils down to state intervention vs. the free-market, there is no third option (unless you count mixed-markets).
The Robber Barons Gave Most of Their Fortunes to Charity Fact
Andrew Carnegie, John D. Rockefeller, and other Barons of Industry freely gave away most of their fortunes to charitable and philanthropic causes.
America Has a Capitalist Economic System Fact
America’s economic system meets the definition of capitalism, but not pure free market capitalism. America has a mixed-market economy.
A Progressive Tax is More Fair Than a Flat Tax Fact
A progressive tax (those who make more pay more) is generally “more fair” than a flat tax (everyone pays the same rate).
The United States of America is a Democracy Fact
The United States is both a Republic and a Democracy. Specifically, the United States is a Constitutional FederalRepublic with a strong Democratic tradition and many democratic elements especially on a local level. Despite the democratic elements and traditions, the U.S. is not however a “Direct Democracy” (where people vote on laws directly*).
Adam Smith is the Father of Modern Economics Fact
Adam Smith can be considered the father of modern economics due to his influential works which explore the mechanics of morality, markets, and capitalism in an industrialized society.
There is a Computer that Costs Five Dollars Fact
The Raspberry Pi Zero is “a $5 computer”, a credit card sized programmable computer that launched with $5 price tag in 2015.
Money Can Buy Happiness Fact
Money can buy happiness in some ways, and cause unhappiness in others, studies have shown that different types of wealth and income affect happiness and unhappiness in a variety of ways.
Venture Capital Helped Create Silicon Valley and Startup Culture Fact
Venture capital, which was just emerging in the late 50’s, helped create companies like Intel, which in turn created Silicon Valley and startup culture.
Blog Posts tagged with "Capitalism"
Capitalism Works Because Capital is a Built-in Incentive
In my opinion, capitalism works because it is based on the built-in incentive of capital. In capitalism, capital itself is an ever-present motivator.
What is Classical Liberalism?
Classical liberalism is the ideology of liberties, rights, individualism, reason, and tolerance that comes in a political and economic form.
Neoliberalism Explained
Neoliberalism is an economically-minded evolution of classical liberalism focused on deregulation, trade, and the private market. It is a “middle way” or “third way” between liberalism and conservatism.
Understanding Labor and Capital
Labor and capital are economic terms that describe 1. workers and their labor power and, 2. capitalists and their material and financial capital.
Types of Conflict Theories
We explain Marx’s conflict theory and other conflict theories to show how tension between social, political, material, and other forces manifest.
Commodity Fetishism, Consumerism, the Society of the Spectacle, Alienation, and More
We define terms related to “the society of the spectacle” like commodity fetishism, consumerism, “proletarianization,” and alienation.
The Vast-Right Wing Conspiracy (and the Left-wing Equivalent)
We explain the “vast-right wing conspiracy” (or right-wing strategy) that Hillary talked about in the 90s (and the left-wing equivalent).
The Black Vote and National Politics
We look at the effect of the black voter and black suffrage on the balance of political power in the two-party system.
Re-Defining Social Capitalism
Social Capitalism can be defined as a socially minded form of capitalism, where the goal is doing social good, rather than just the accumulation of capital.
What is Liberalism?
Liberalism is the political ideology of liberty and equality, where classical liberalism emphasizes individual liberty and social liberalism emphasizes social equality.
Understanding Marx and Marxian Class Theory
We present a simple guide to Marx, Marxian class theory, Marx’s theory of history, and Marx’s economic theories to help westerners understand what Marx was all about.
Civil Religion
“Civil Religion” is the civic “religion” of a nation. It doesn’t describe the theological religion of a nation, but rather a quasi-religious shared identity built around national symbolism and customs.
Neoliberal Globalization and Nativist Protectionism Explained
We explain neoliberalism, globalization, nativism, and protectionism and the pros and cons of “neoliberal globalization” and “nativist protectionism.”
How Currency Gets into Circulation and What Happens to it
Below we explain how currency gets into circulation via the Treasury, Federal Reserve, and banks, and the role Congress, banks, businesses, and you play in the process.
Andrew Carnegie’s Gospel of Wealth Explained and Annotated
Below we present an annotated version of Andrew Carnegie’s 1889 essay Wealth (better known as the Gospel of Wealth).
Understanding Cronyism and Monopolies
We explain two types of special interests: cronyism (politicians working with corporate interests) and monopolies / oligopolies (the consolidating of corporate power in a given industry to one or few entities).
Populism, Globalization, Nativism, Nationalism, and Other Such Terms
We explain populism, globalization, nativism, nationalism, neoliberalism, modernization, and other terms important for understanding modern world politics.
Is America an Oligarchy?
The United States is a Federal Republic with democratic values that some claim contains a growing oligarchy (or corporatocracy). We look at those claims.
Wealth and Income Inequality
We explain economic inequality from a historical perspective, and then consider the effects of wealth inequality and income inequality in America today.
Book Reviews tagged with "Capitalism"
Karl Marx’s Das Kapital
Karl Marx’s “Das Kapital” or just “Capital” explains the nature of capitalism. From the purposes of commodities and money, to how they function in society as capital, to how this relates to wage labor, “Capital” is a detailed work on the philosophy, history, and mechanics of economics.
Capital in the Twenty-First Century By Thomas Piketty Explained
We explain the general idea behind Thomas Piketty’s Capital in the Twenty-First Century and offer links to summaries and the full text.
Andrew Carnegie’s Gospel of Wealth Explained and Annotated
Below we present an annotated version of Andrew Carnegie’s 1889 essay Wealth (better known as the Gospel of Wealth).
Oscar Wilde’s The Soul of Man Under Socialism Explained
We explain Oscar Wilde’s The Soul of Man Under Socialism to illustrate his prophetic take on non-authoritative individualist socialism.