The term “capitalism” has been applied to (1) the concept of a free market, (2) actual mixed economies, and (3) the concept of economic class conflicts. The relationship of “capitalism” to global justice depends on how the term is used and defined.
Unless explained, it is unclear what kind of “capital” is being applied in “capitalism.” Classical economics categorized the inputs of production into three basic categories or “factors”: land, labor, and capital goods. Capital goods are goods that have been produced but not yet consumed. They are also referred to as the “produced means of production.” Examples of capital goods include machines, buildings, and inventory.
The term “capital” is also applied to financial assets such as money and bonds. Funds are not an input into production, but are used to hire or purchase inputs; hence, financial capital is conceptually different from capital goods. The term “real capital” is applied to capital goods, in contrast to financial capital.
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Foldvary, F.E. (2011). Capitalism. In: Chatterjee, D.K. (eds) Encyclopedia of Global Justice. Springer, Dordrecht. https://doi.org/10.1007/978-1-4020-9160-5_221
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