The original post of this appears over at TomKnighton.com, as well as many others you might find interesting. Go on over and check it out.
You would think that a columnist for the New York Times would understand a few things. For example, the definition of capitalism. However, in his column today, David Brooks illustrates that perhaps that’s not necessarily the case. He points to nations like Russia, China, and Venezuela. It’s pretty clear that Brooks doesn’t grasp that if the state runs it, it can’t be capitalism.
Dictionary.com describes capitalism as:
An economic system based on a free market, open competition, profit motive and private ownership of the means of production. Capitalism encourages private investment and business, compared to a government-controlled economy. Investors in these private companies (i.e. shareholders) also own the firms and are known as capitalists.
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