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?
Slaves were sold in markets, medieval towns had markets and some comrades advocate for market socialism. The main thing of "market" as i understand it is that you rely on the consumer signal (the so called price signal) at each point of exchange to allocate inputs and outputs of production.
Capitalism is defined by the private ownership of the means of production for profit seeking, irrespective of relying on markets.