chapter  8
18 Pages

The Market System

The view of the self and community described earlier also has implications for the way we think about the market system and what functions it performs in society. While many may think that capitalism and the market can be used interchangeably in that they are basically the same thing, this is not necessarily the case. Capitalism refers to a system where capital, namely the means of production, the factories, shops and everything else necessary for the production and distribution of goods and services, are privately owned. Financial capital necessary for the fi nancing of capitalistic enterprises is also provided through private means rather than by the government or some other public body. As such the capitalists, the owners of the means of production, stand to reap the bulk of the rewards that the system can generate.