I've always found this definition to be insufficient. That is how we end up with centrally planned capitalism and free market communism and then pretend everything is well.
What do you mean? It's the accurate definition. If you want to start referring to centralized state power as 'capitalist', then you are misusing the term.
It would be like if people started to consider science a religion, and I said, "no, science is the application of objective standards to remove bias from an experiment", and then you told me that was insufficient since people can have faith in science lol.
But if capitalism is just a private ownership of property, then a system where government decided what citizens do with their privately owned property would be some kind of capitalistic system.
I've always found this definition to be insufficient. That is how we end up with centrally planned capitalism and free market communism and then pretend everything is well.
What do you mean? It's the accurate definition. If you want to start referring to centralized state power as 'capitalist', then you are misusing the term.
It would be like if people started to consider science a religion, and I said, "no, science is the application of objective standards to remove bias from an experiment", and then you told me that was insufficient since people can have faith in science lol.
But if capitalism is just a private ownership of property, then a system where government decided what citizens do with their privately owned property would be some kind of capitalistic system.
It's not privately owned if the government decides what you do with it.