this post was submitted on 30 Dec 2024
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Late Stage Capitalism
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That's a very literalist definition.
More broadly, capitalism is a system of private for-profit renting of capital for the purpose of using excess revenue to reinvest in new capital stock.
The main distinction between modern capitalism and traditional feudalism being that reinvestment aspect (feudal lords historically did a poor job of generating surplus or reinvesting in capital stocks). And the distinction between capitalism and socialism being private ownership versus public ownership of capital.
But all three were functionally "organized around capital". Feudalist capital was just overwhelmingly real estate based, while the Dutch/English/French capitalists were more interested in industrial machinery (ships, mills, etc).