I haven’t yet expressed an opinion on capitalism, except to say that the features you’ve mentioned have little to do with it.
But to answer your original question: capitalism stricto sensu is when the profits and decision-making power in a firm are vested in those who put up the original financial capital. It incentivizes financial risk-taking, which depending on economic conditions can be useful or destructive. But the only merits it rewards are the possession of pre-existing wealth, the willingness to take risks with it, and luck. Nepotism and cronyism serve its ends by providing a source of wealth for new capitalists, and an outlet for successful capitalists to convert their gains into social rewards.
It’s OK you don’t like capitalism but the industrial revolution did happen…
I haven’t yet expressed an opinion on capitalism, except to say that the features you’ve mentioned have little to do with it.
But to answer your original question: capitalism stricto sensu is when the profits and decision-making power in a firm are vested in those who put up the original financial capital. It incentivizes financial risk-taking, which depending on economic conditions can be useful or destructive. But the only merits it rewards are the possession of pre-existing wealth, the willingness to take risks with it, and luck. Nepotism and cronyism serve its ends by providing a source of wealth for new capitalists, and an outlet for successful capitalists to convert their gains into social rewards.
And I disagree