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It has been argued that "capitalism" entails the production of goods or the provision of services for profit ----. Even though many of these transactions were barter exchanges, this does not mean that profit was entirely absent. It was simply some form of profitable exchange that did not involve money.
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By capital we mean not just money but more especially a means of production |
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As it happens, in a capitalist society only a very small proportion of industrial activity is under the control of the government, and sometimes none at all. |
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This notion of private ownership of the means of production as a central feature of capitalism should not arouse controversy |
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This, however, will not serve to identify capitalism as a distinctive system since goods and services have at all times been exchanged with a view to striking a good bargain |
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However, it is necessary to limit the application of the term "capitalism" to a discernible pattern of social and economic relations |