I wouldn't put so much faith in a Wikipedia article. Wikipedia articles vary wildly in quality.
No kidding?
This is why Wikipedia has a system of accountability and the headers of many articles contain information about the validity of each article, or what needs to be done to improve them. Many article headers ask for academics and experts to review the information, and in the case of the articles on Communism and Capitalism, these entries on wikipedia read about as well as any textbook you could hope to buy regarding the theories.
Both the Capitalism and Communism articles on wikipedia are a part of a heavily edited series on the website, and there are no calls for action from Wikipedia to improve the quality of these articles - they are about as quality as you can get for human knowledge (and sound logic) on these topics. You can review the debates in the notes for the articles themselves. Arguing semantics and the finer points of each theory, like you are doing, is a totally different thing. I am willing to engage in said argument with you, because I have the freedom and right to do so.
This is also why instead of just reading a couple Wikipedia articles I studied economics and political science in school so that I can have these conversations with people like you.
Apparently the one [Wikipedia Article] you're quoting is poorly written unless you're misrepresenting it.
In my previous comment I copied and pasted the first sentence word for word from the Wikipedia article so that you could interpret it. I have already interpreted it, and my initial comment in this thread was almost exactly the same. Allow me to post the first sentence from the Wikipedia article again (so that you can interpret it again ), since you clearly think my one sentence is/was totally off base:
Capitalism is an economic system based on the private ownership of capital goods and the means of production, with the creation of goods and services for profit.[1][2] Elements central to capitalism include capital accumulation, competitive markets, and a price system.....http://en.wikipedia.org/wiki/Capitalism
Now, allow me to post my original comment (which I again re-posted in my last comment so that you could compare both), in order to tell whether or not I have misinterpreted the Wikipedia statement (I hate being repetitive, but don't tell me I am misinterpreting the english language when you aren't even reading my comments):
In Capitalism each agent within the system maintains private ownership over its belongings, and has the freedom to choose its activities within the system.
Are you really going to sit here and tell me I egregiously misinterpreted what was written on Wikipedia? Like, actually?
In your defense, in my follow up comment I offered a lengthy explanation as to how the second half of my comment regarding capitalism can only be implied by virtue of the existence for perfectly competitive markets within capitalist theory. I admitted that the second half of this comment was slightly off base, but offered an explanation for how each agent must be "free" to act in a perfectly competitive market.
You offer no such explanation as to how I have misinterpreted this information, but instead ramble on about the definition of capitalism, which is clearly stated within that one sentence pasted above, again .
But moving on to the argument where you supposedly debunk my misinterpretations:
Communism and Capitalism are complex subjects.
Once again, no kidding? Hence why I asked you to elaborate on your point instead of just calling me wrong. Hence why I elaborated on my one sentence from my first comment, with a paragraph in my second comment, even though I should not have entertained you with a better explanation since all you did was say:
No, that is not capitalism.
Literally, there are no other words in your comment. These are all five of your words addressing this incredibly complicated topic, in all their infamy and glory. You must frequent twitter or something.
But whatever, moving on to the rest of your ill-informed comments:
The first thing you should understand is that between them, they don't exhaust all the possibilities by a long shot.
What on earth do you mean by "[Capitalism and Communism] don't exhaust all the possibilities by a long shot." I would counter this point by saying that, yes, any system that pursues the pure form of either of these theories has by definition exhausted all the other possibilites for other systems to exist. This is why in the real world we borrow from all theoretical systems, and maintain that there is the possibility for change towards one of many pure theoretical outcomes, depending on the context of said legislation and time.
CAPITALISM is an economic system wherein the role of CAPITAL is paramount.
In SQUIRREL-SOCIETYISM, the role of ACORNS are paramount.
Yet this ignores the rest of the paramount features the pure capitalist theory calls for: These include the right for a private entity to own said capital, the right for a private entity to produce said capital, and the right for a private entity to engage in a perfectly competitive market with said capital.
Furthermore as we will see from your comments below, you do not actually understand what capital is. Capital does not equal money.
What you described is called "private property" and existed literally AGES before the rise of anything called Capitalism.
At what point did I suggest that private property did not exist before capitalism? How does this prevent a theory from being created around said notion of private property?
For example, people bought and sold goods with each other before the notion of supply and demand (and economics) existed. Governments were formed before political science was studied formally. Human beings were capable of thinking before anyone thought to study the human mind. People created innovations before people felt the need to create copyright and patent laws. What is your point with this sentence?
In a CAPITALIST SYSTEM, major industry is the owned and controlled principally by people whose contribution to the industry is their investment of CAPITAL, i.e. money, property, plant and equipment.
This is factually incorrect about the capitalist theory. This is your interpretation of capitalism, and may be true of the perverted system people call Capitalism in the country in which you reside.
Why is this factually incorrect? In a purely capitalist system major industry, minor industry, and all industry is perfectly competitive.
What are the implications of perfect competition? This implies that there are an infinite number of buyers and sellers in every industry, and major industry is owned and controlled principally by nobody. Everybody is a price taker that has no undue influence on the market. No agent is powerful enough to influence the Pareto optimal outcome of any particular market. Yes, all this information is on Wikipedia as well.
Moreover, why is it a bad thing for people to contribute their capital in any particular market setting? What point are you trying to make here?
As an example to this in the real world in 2013, it is illegal for monopolies to exist in most markets. Huge legal restrictions are placed on oligopolies. Empirical evidence suggests that markets like Energy and Telecom inevitably concentrate production market share between a few agents, in large part due to geography. By default, markets involving monopolies and oligopolies are already not perfectly competitive, and we enact legislation to make them more competitive. This is true both in Canada and the Unites States of America, but in Canada we often turn our monopolies into crown corporations which can sometimes be owned by the people themselves. Once again, these were never perfectly competitive markets in the first place and represents a failure in the capitalist theory to be the absolute governing principle for all people, everywhere.
I have not once suggested that capitalism is The Answer, and that all legislation should be formed under the Capitalistic Dogma.
You should recognize that our economy in the USA is like that.
I am not a member of your perverted system that many like to call capitalism. I used to live in the USA for about 5 years. I am Canadian, and have always been. Don't even approach the notion of calling me American, or using connotation that might suggest I am a part of your "our." I find that offensive, and furthermore, just because your system is "like that" does not make it "capitalism".
The labor to run that industry is not the doing of the capitalists.
Much like the capital to run that industry is not always the doing of the labourers. Not that it can't happen, just that it doesn't always happen. Capitalism at least allows the possibility for labourers to provide capital towards the means of production. In Communism, you have to be both.
And in a purely capitalist system, the labour has the ability to choose which market said labour will participate in. This is because there are no barriers to entry or exit in a perfectly competitive market, and all factors of production are perfectly mobile in the long run. If the labour does not enjoy the labour said labour is providing, this labour can provide said labour for another market which requires a labour input.
Or in more simpleton terms for yourself: If you were actually living in a purely capitalist system and didn't like what you were doing, you would simply do something else. In the short run, in theory, you should expect some frictional transitional period. Moving on:
They purchase or contract it from others.....
Who is "they"? In capitalism, the labourer can also own the means of production. Think of your local carpenter (many of which are unionized in an attempt to exert undue influence in the labour supply markets, different argument/story), many of whom are labourers and owners of the means of production.
And what is wrong with a producer of a good in any particular market hiring labour inputs? How is this a bad thing? How else do you expect 'things' to get made, other than for basic survival purposes?
I would rather be freely approached for contract work rather than having some management class/role-type (in a Communist society) tell me what contracts I am able to pursue. I enjoy the ability to remain perfectly mobile with my labour.
.... who do not have sufficient capital to set themselves up in competition with the capitalist-owned enterprise, but have skills and time to sell.
Once again, this is not true of a purely capitalist system. Just because someone chooses to be a labour input does not mean that they cannot choose to own the means of production. Generally speaking, yes, one must accumulate capital in order to own the means of production in a market setting. Yet the labourer still owns the most important means of production: the labourer's body.
Skills and time are examples of capital that can be accumulated, and this statement implies that you clearly do not undersand the definition of capital.
Furthermore, when people are born in a purely capitalist society they own 0 capital: This statement does not include the notion of estate legacy laws which provide for endowment effects within a perfectly competitive market, (and pragmatically provides newborns with more than 0 capital, though an estate can inherit debt as well). But estate legacy laws have nothing to do with pure capitalist theory as private ownership should not theoretically extend to your seed as this would imply one owns his/her children. The children own themselves, and have the right to their own private property (like their body), not the private property of their parents (unless said private property was properly transfered before death, for example).
Thus, in a purely capitalist system, you can't ever have less than 0 capital in the present tense unless you, the agent in a particular market, choose to exchange future capital for present capital, at which point you would technically (in terms of accounting) have negative capital in the present tense. Most Americans do this in the real world, and most americans are in debt (not necessarily a bad thing, just a thing).
As another pragmatic example in the real world in 2013, even if you have only pennies to your name you can own a small percentage of any major market producer across the world. You can buy fractions of a company and reap the benefits of their productions, and in a perfectly competitive market there are theoretically no information frictions preventing people from having the knowledge to make a choice such as this (that may or may not be best for them).
An example of a non-capitalist system ........
Are the economic systems contained within every sovereign country on the planet earth.....
......that has private property is subsistence farming. The farmer owns his own livestock, tools and land.
How on earth is subsistence farming similar to the theoretical forms of Capitalism/Communism?
Subsistence farming seems more like anarchy that Capitalism/Communism to me: Do not engage in the laws of those not on my farm (and generally have no law structure on said farm - only the laws that govern the livestock and plants and nature), make only what helps me, make no excess for those that can't make things for themselves, look out for me and my family above and beyond humanity, do not engage with the "government" (whatever that "government" would theoretically look like if everyone was theoretically a subsistence farmer) as our farm will provide all the medical and fire services we need. I will also be able to specialize in knowing everything about ploughs, livestock, plants, and growing techniques needed to make my life as good as those "average" people that live in "the system" until the age of 70 and beyond in 2013.
This is to be contrasted with sharecropping. A sharecropper doesn't own his own land. He labor for the capitalist who owns his farm. He may or may not own any of the tools and stock on the farm.
While you can contrast subsistence farming with sharecropping, you cannot contrast them in terms of Communism and Capitalism. Your argument and evidence are terribly flawed. Sharecropping is as close to feudalism as it gets, though sharecropping still maintains the labourer's right to mobility.
Sharecropping is not analogous to capitalism, but capitalism does allow for sharecropping within its theoretical framework. Once again, can you please explain how this is a bad thing? How is choice to engage in sharecropping a bad thing? The labourer chooses to do so, as well as the production inputs, how is this bad?
It is also to be contrasted with collective farming, where the farm, the tools and stock are owned by the collective. That is Communism straight up.
At no point did I suggest that Communism cannot exist on an extremely small scale. I have cousins that have lived in communes in British Columbia. Yet even these people must engage the dirty Capitalists every once in a while (much like subsistence farmers), and they must exchange the goods that the farming enterprise has produced (and privately owns within the larger system that protects their right to pursue this lifestyle) for other goods/services - a definably non Communist ideal and process. Collective farming may be one of the closer things to pure communism we have on this planet, but in no way shape or form is it pure communism. Who manages the farm? How does the farm get fire and medical services? How do they protect human rights and basic levels of security/living? Answer: they don't, and if they do, they don't do it as well as an amalgamation of other systems.
Furthermore, why did you ignore my comment about the most pure capitalist system on earth (not to say it is an example of pure capitalism, just that it is likely the most pure), the Internet? Can you please explain to me how the internet, and the capitalistic ideals represented therein, is a bad thing?
As a general argument, based off of empirical evidence, Capitalism is a much more scaleable system than Communism. Neither is perfect, and neither can reign supreme over humanity in their purest forms.
If you believe that Communism, or Capitalism, is the absolute answer you are wrong and have ignored the spectrum of possibilites.