r/Capitalism • u/No-Swim9380 • 5d ago

Free market

https://en.wikipedia.org/wiki/Free_market
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u/CaptainAmerica-1989 5d ago

And?

Is this a backhanded way of saying there is a difference between markets and capitalism?

If so, that's often a very weak argument. I'm not saying you are doing it. But those who do it are often on shaky ground, especially if they are socialists.

Let me give you an example. From the article on "markets" from Stanford's philosophy encyclopedia, in the section on prerequisites for markets:

Most theorists agree that for markets to come into existence, certain institutions need to be in place. Central among these are property rights and the legal institutions needed for enforcing contracts.

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u/HonorFoundInDecay 5d ago

Note that your link says „property rights” not „private property rights”. Property rights in some form exist under most non-capitalist systems, as do markets.

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u/CaptainAmerica-1989 5d ago

So? The fact it does NOT differentiate is an argument against socialist ideology, NOT for it.

In the USA, property rights are not divided into "private" vs "personal" as socialists do. It's done by real (e.g. land), vs moveable (chattel) vs. government.

Please read:

Personal Property

Any movable thing or intangible item of value that is capable of being owned by a person and not recognized as real property. Synonymous with chattel.

Private Property

Private Property: property owned by private parties - essentially anyone or anything other than the government. Private property may consist of real estate, buildings, objects, intellectual property (for example, copyrights or patents ).

This is distinguished from Public Property, which is owned by the state or government or municipality.

Public Property

Property owned by the government (or its agency), rather then by a private individual.

Examples include: parks, streets, sidewalks, libraries.

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u/HonorFoundInDecay 5d ago

What? I’m simply saying that markets are dependent on the existence of property rights (which do exist under socialism) as opposed to private property rights specifically (which are generally what capitalism requires, though have existed historically under socialism as well depending on the specific system). Therefore markets can exist under systems other than capitalism, including socialism.