What America needs to understand about capitalism

What America needs to understand about capitalism
The US system 'needs a major revamp'. Pic: iStock

Capitalism is widely – and wrongly – understood to be synonymous with free markets. In fact, it includes all economic systems with private ownership of property, from free markets to social democracy

The candidates in the 2020 US presidential race are proposing an array of economic policies frequently described as either free-market or socialist. These labels often confuse the American public. In particular, capitalism is widely – and wrongly – understood to be synonymous with free markets. In fact, it includes all economic systems with private ownership of property, from free markets to social democracy.

These various forms of capitalism require...

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