Wednesday, 31 July 2019

"The institution of private property, in the full, legal meaning of the term, was brought into existence only by capitalism. In the pre-capitalist eras, all property belonged to the head of the tribe, and was held only by his permission, which could be revoked at any time, at his pleasure." #QotD


"The institution of private property, in the full, legal meaning of the term, was brought into existence only by capitalism. In the pre-capitalist eras, private property existed de facto, but not de jure, i.e., by custom and sufferance, not by right or by law. In law and in principle, all property belonged to the head of the tribe, the king, and was held only by his permission, which could be revoked at any time, at his pleasure ... on the unchallenged axiom that wealth is an anonymous, social, tribal product.    "That notion has not been challenged to this day; it represents the implicit assumption and the base of contemporary political economy." 
          ~ Ayn Rand, from her essay 'What is Capitalism?'
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1 comment:

  1. Socialism is where the lower classes steal money and goods by force of taxation or theft.
    Capitalism is where the higher classes by work provide goods and services and sell in an competitive open market.
    If the market is closed or controlled by Corporates we have something else, Elitism I suppose.

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