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Individualism One of the most important traits of capitalism is individualism. Individuals, rather than the state, own the means of production such as land, machinery, natural resources and factories. Public ownership is possible, such as with the postal service and public utilities, but it is the exception rather than the rule. The state may own land as well. In the United States, for example, the government owns roughly one third of all land, mainly in the West and in Alaska. This bias toward individualism is based on two things. First, ownership of production means having control over people’s lives, and it is preferable to have this power spread out amongst many players rather than concentrated in bulk with the government.
Market economy Another trait of capitalism is the market economy. Before capitalism, families were more self–sufficient they produced what they needed to exist, with any extras being bartered for any sup- plies they themselves could not produce. This was a sort of primitive market on a small scale. Families bartered with other families in their locality. There was no division of labor because the families took care of all of their needs themselves. In contrast to the time when these families generally produced everything for themselves, the capitalist system ensured that no one would have to master so many different tasks. In cap- italism, each person specializes in one task. Each person creates and supplies only a small por- tion of what they need to live, relying on others to
Decentralization In contrast with other systems that are dictated by a central body that attempts to keep up with the economic and social intricacies, capitalism is broken into so many different pieces that, in theory, each piece is expertly managed by the person in charge of that slice of the pie.
Links between supply and demand Another feature of capitalism is the sovereignty enjoyed by the con- sumer. He chooses both what will be produced and how much of it will be available through his demand or lack thereof. The number of televisions produced, for example, is not a result of a government limit or quota but rather a direct result of how many televi- sions sold the year before and whether or not there was a surplus or a shortage. The government may in- crease interest rates to discourage borrowing for the purpose of business expansion, but the decision is ul- timately up to the capitalist who is willing, or unwill- ing, to pay the price. United States President Richard Nixon (1913–1994), for example, set wage and price controls in his economic policy of 1971. He did not, however, forbid action of any kind; he encouraged the market to act in ways better for the consumer. Thus, the government may protect the consumer by creating standards for wages or by encouraging competition when a monopoly has formed.
Rise of the service economy The second reason for the steady decline in workers proportional to the pop- ulation is the growth of companies to provide service rather than goods. From 1950 to 1985, the number of people employed more than doubled from 60 million. The number of white collar workers rose from 22 to 53 million. The new white collar workers were em- ployed in government, retail and wholesale trade, schools, insurance, communications, entertainment, health services, finance, and real estate. Government in particular has grown enormously.
Non–Profits Another change in the structure of cap- italism has been the increase in the non–profit sector. In the United States, the non–profit sector is made up of private not–for–profit organizations and the gov- ernment. This section of the economy is growing at a faster rate than the for–profit sector in the United States. Non–profit means that there is a direct, or in- direct, contribution back to society. Since the non–profit sector doesn’t invest their earnings in them- selves, what would have been profit goes back into circulation.
The government steps in There have been many successes with capitalism, but there have also been many problems as well. Capitalism has not always gone according to the theory. The Great Depression was an unexpected event. It was responsible for the welfare system which has come to characterize so many capitalist countries, including the United States, Canada, the United Kingdom, and much of mainland Europe. The population believed that laissez–faire economics was ideal and that even when the market
The debate over public vs. private With his New Deal, Roosevelt essentially changed the relationship between the public and private sectors. He supported farmers and farm prices, protected unions, created a social security system for the elderly and retired, gave aid to the unemployed, and regulated the market. His advocates called him a savior, while his opposition la- beled him a traitor.
St. Thomas Aquinas St. Thomas Aquinas (1226– 1274), one of the most important writers and theorists of the Middle Ages, believed in individuality more than his predecessors. The Reformation was begin- ning. The Catholic Church was very powerful and
equally corrupt. People wanted change and were call- ing for reform. His economic notions accompanied a new wave of thinking that remained until the Mer- cantilist time in 1600. Aquinas thought that it was nat- ural for men to hold private property. He argued that there were three reasons for this to be the case, rather than public ownership