Another debunked idea still pushed in mainstream #economics is that capitalism leads to democracy - some even go as far to say capitalism is a necessary condition of democracy.
This is just cold-war era propaganda that still occasionally shows up in econ classrooms to this day. If anything, unfettered free-market capitalism almost necessarily devolves into oligarchy, rather than bolstering democracy, as the biggest companies in the world are showcasing well as we speak.
https://www.theguardian.com/business/2024/sep/23/amazon-tesla-meta-climate-change-democracy
I'm gonna make a much much less drastic claim. And that is, in a democratic society, a market for exchange with a medium of accounting will appear.
That's it. That's not capitalism. It took me nearly 50 years to understand and distinguish between the two because of all the propaganda. Capitalism isn't "selling things" it isn't "markets" it's "a political system in which the government is willing to exert violence to protect ownership claims to the receipt of rents"
Can you say more about what you mean about "a market for exchange with a medium of accounting will appear." ?
@dlakelan @FantasticalEconomics
Hi Daniel can you say more about what you mean about "a market for exchange with a medium of accounting will appear."
was in this post (or clicking this post should get there)
https://mastodon.sdf.org/@dlakelan/113188657256377188
Full post below;
I'm gonna make a much much less drastic claim. And that is, in a democratic society, a market for exchange with a medium of accounting will appear.
That's it. That's not capitalism. It took me nearly 50 years to understand and distinguish between the two because of all the propaganda. Capitalism isn't "selling things" it isn't "markets" it's "a political system in which the government is willing to exert violence to protect ownership claims to the receipt of rents"
@dlakelan @FantasticalEconomics As a tangent, can you see / have you heard of a much better way (even if there is a big weakness or 2, just something that does things much better?). Optional question and whatever better means for you is ok for the meaning.
@freeschool
Sure, a market for exchange means a way to sell things to people. Bazaars, Ebay, Amazon marketplace, or the flea market at your local city college are all examples. And a unit of accounting means something that acts as currency and represents an anonymous debt. Currency, checking accounts, some kind of electronic transfer system etc.
@FantasticalEconomics