ive always thought markets and capitalism were the same thing and markets were inherent to capitalism, but now im reading things that say they're not? Is this accurate? What's the difference? Can markets exist without capitalism, and vice versa?
ive always thought markets and capitalism were the same thing and markets were inherent to capitalism, but now im reading things that say they're not? Is this accurate? What's the difference? Can markets exist without capitalism, and vice versa?
Markets are a method of resource distribution that predate capitalism and are rooted in the division of labor that originated with the OG agricultural revolution.
Capitalism is a particular economic arrangement that relies on markets and evolved out of feudalism and mercantilism.
It's accurate to say that capitalism cannot exist without markets, but markets can exist in any class society.