Until recently our choice of an economic system seemed to be either capitalism or state socialism.
State socialism, defined as a system where the state owns the major businesses and resources such as minerals, oil,and land has proven to be impossibly inefficient, wasteful, and terribly prone to corruption.
Capitalism, is usually defined as:
- Private ownership of businesses and resources such as minerals, oil and land
- Free markets
- Primacy of capital over labor
- Interest based financial systems
Unfortunately capitalism has proven to extract wealth from the middle class and the poor and to concentrate wealth at the top. Under capitalism, a tiny percentage of the very wealthy end up controlling an ever larger share of the total assets and wealth of the world. Capitalism is also prone to large scale corruption and to rigging the electoral system to favor the already powerful.
New Economy. In recent years there has been a lot of writing and experimenting with new economic forms. These new economic forms are given various names, including: “Third way” or New Economy” or “solidarity Economy”.
Sacred Economics: Money, gift, and society in the age of transition. Charles Eisenstein
After Capitalism. David Schweickart
NOTE: We are listing resources that we think are probablhy helpful in this area. However, our core team does not yet include experts in this area … we need help here … Is the definition given for capitalism adequate? Can you help?