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Cake day: July 3rd, 2023

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  • Wikipedia defines capitalism as an ‘economic system based on the private ownership of the means of production and their operation for profit’. In contrast, communism involves ‘common ownership of the means of production, distribution, and exchange that allocates products … based on need’. The ‘means of production’ here refer to property that can be used to produce goods, and ultimately, wealth. Factories are the usual example.

    I must point out, however, that the meanings of these words change over time and place. Also note that it was the Marxists who popularised these two terms; to quote Wikipedia, ‘scholars who are uncritical of capitalism rarely actually use the term capitalism’.