Yea a lot of economic thinkers have tried to define capital.
I tend to think of capital mostly in the terms of means of production. Capital comprises the things that make things. But different economic thinkers draw different boundaries.
I think regardless of where you draw the boundaries the idea of capitalism is an interesting one, one where you let private individuals own those things. There are definitely parts that become almost philosophical. Take for instance mining rights. The mountain sits there for millennia, completely unowned. Then one day some people show up. No one owns that mountain, if people need rocks from the mountain anyone can walk up there and take them. Then you get enough people together and they say “together we are a nation, our nation owns that mountain.” Then capitalism does this neat magic trick where the nation can sell the mountain to one of the people in the nation and then he owns the mountain. You need a rock from the mountain, too damn bad, Greg bought the mountain and now you have to buy your rocks from him.
When you strip away all the abstractions we put up, it’s kinda wild. I find capitalism’s frequent marriage to democracy to be kinda fascinating too because the systems are sorta in opposition. When no one owned the mountain, all were free to take rocks, one could argue they vote with their rock collecting hands, that’s quite democratic. Once the nation claims the mountain, if that nation were democratic, the people could vote on the best way to use the rocks and that’s quite democratic too. But once the nation sells it to Greg, the fate of the mountain is in Greg’s hands. The people have no further say in the mountain or how much rocks cost or anything really, it is the least democratic outcome.
Yea a lot of economic thinkers have tried to define capital.
I tend to think of capital mostly in the terms of means of production. Capital comprises the things that make things. But different economic thinkers draw different boundaries.
I think regardless of where you draw the boundaries the idea of capitalism is an interesting one, one where you let private individuals own those things. There are definitely parts that become almost philosophical. Take for instance mining rights. The mountain sits there for millennia, completely unowned. Then one day some people show up. No one owns that mountain, if people need rocks from the mountain anyone can walk up there and take them. Then you get enough people together and they say “together we are a nation, our nation owns that mountain.” Then capitalism does this neat magic trick where the nation can sell the mountain to one of the people in the nation and then he owns the mountain. You need a rock from the mountain, too damn bad, Greg bought the mountain and now you have to buy your rocks from him.
When you strip away all the abstractions we put up, it’s kinda wild. I find capitalism’s frequent marriage to democracy to be kinda fascinating too because the systems are sorta in opposition. When no one owned the mountain, all were free to take rocks, one could argue they vote with their rock collecting hands, that’s quite democratic. Once the nation claims the mountain, if that nation were democratic, the people could vote on the best way to use the rocks and that’s quite democratic too. But once the nation sells it to Greg, the fate of the mountain is in Greg’s hands. The people have no further say in the mountain or how much rocks cost or anything really, it is the least democratic outcome.