Template:/box-header Capitalism is an economic system and a mode of production in which trade, industries, and the means of production are largely or entirely privately owned. Such private firms and proprietorships are usually operated for profit, but may be operated as private nonprofit organizations. Central characteristics of capitalism include private property, capital accumulation, wage labour and, in some situations, fully competitive markets. In a capitalist economy, the parties to a transaction typically determine the prices at which assets, goods, and services are exchanged.
The degree of competition, role of intervention and regulation, and scope of state ownership varies across different models of capitalism. Economists, political economists, and historians have taken different perspectives in their analysis of capitalism and recognized various forms of it in practice. These include laissez-faire or free market capitalism, welfare capitalism, crony capitalism, corporatism, "third way" social democracy and state capitalism. Each model has employed varying degrees of dependency on free markets, public ownership, obstacles to free competition, and inclusion of state-sanctioned social policies.
The extent to which different markets are free, as well as the rules defining private property, is a matter of politics and policy. Many states have a mixed economy, which combines elements of both capitalism and centrally planned economics. Capitalism has existed under many forms of government, in many different times, places, and cultures. Following the demise of feudalism, mixed capitalist systems became dominant in the Western world and continues to spread.
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Towards the late 1970s, Hong Kong became established as a major entrepôt between the world and China. The city has developed into a major global trade hub and financial centre, and is regarded as a world city and one of the eight Alpha+ cities. It ranked fifth on the 2014 Global Cities Index after New York City, London, Tokyo and Paris. The city has one of the highest per capita incomes in the world, and the most severe income inequality among the advanced economies. It has a high Human Development Index and is ranked highly in the Global Competitiveness Report. Hong Kong is the third most important financial centre after New York and London. The service economy, characterised by low taxation and free trade, has been regarded as one of the world's most laissez-faire economic policies, and the currency, the Hong Kong dollar, is the 13th most traded currency in the world. |
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Ludwig Heinrich Edler von Mises (German: [ˈluːtvɪç fɔn ˈmiːzəs]; 29 September 1881 – 10 October 1973) was a philosopher, Austrian School economist, sociologist, and classical liberal. He became a prominent figure in the Austrian School of economic thought and is best known for his work on praxeology, a study of human choice and action. Fearing a Nazi takeover of Switzerland, where he was living at the time, Mises emigrated to the United States in 1940. Mises' thought has exerted significant influence on the libertarian movement in the United States since the mid-20th century. |
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The inequality with which a tax of this kind might fall upon the owners of different ground-rents would arise altogether from the accidental inequality of this division. But the inequality with which it might fall upon the inhabitants of different houses would arise not only from this, but from another cause. The proportion of the expence of house-rent to the whole expence of living is different in the different degrees of fortune. It is perhaps highest in the highest degree, and it diminishes gradually through the inferior degrees, so as in general to be lowest in the lowest degree. The necessaries of life occasion the great expence of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expence of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. A tax upon house-rents, therefore, would in general fall heaviest upon the rich; and in this sort of inequality there would not, perhaps, be any thing very unreasonable. It is not very unreasonable that the rich should contribute to the public expence, not only in proportion to their revenue, but something more than in that proportion. |
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— Adam Smith (1723 – 1790)
The Wealth of Nations , 1776
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Template:/box-header Capitalism .. Private property .. Capitalist mode of production .. Laissez-faire .. Ludwig Von Mises .. Murray N. Rothbard .. Economic freedom .. Adam Smith .. Money .. Ronald Reagan .. American capitalism .. Criticisms of socialism .. Patent .. The Wealth of Nations .. Corporate capitalism .. Democratic capitalism .. Milton Friedman
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