Western Questions Eastern Answers: A Collection of Short Essays - Volume 3 by Ashish Dalela

Author:Ashish Dalela [Dalela, Ashish]
Language: eng
Format: epub
Tags: Religion, Religion & Science
ISBN: 9789385384202
Google: SkBAzQEACAAJ
Amazon: 9385384201
Publisher: Shabda Press
Published: 2020-02-05T18:30:00+00:00

Free Market Economics vs. Capitalism

Published Date: 2017-07-28

Free market economics is about competition between businesses, and it operates under the assumptions of a closed system in which wealth can be redistributed, but the total wealth must remain constant. Capitalism is the contrary idea that the economy is an open system in which wealth can be infused, in order to create a net growth for the economy. The wealth infusion is carried out by the wealthy using a business model that is stripped of risks, and the lender is certain to gain wealth over time, making the rich get richer and the poor poorer. This post discusses how free markets are different from capitalism; in the former, wealth is constant although it can be redistributed by competition, but in the latter an illusion of growth through borrowing is perpetuated to surreptitiously take wealth from the borrower. The post also discusses the Vedic economic system and how it reconciles economic growth with altruism, contrary to the modern economic system.

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