(September 7, 2017 at 5:37 pm)Catholic_Lady Wrote:(September 7, 2017 at 5:34 pm)Cthulhu Dreaming Wrote: No, not really. Capitalism describes a system where industry and trade are run solely by private entities for profit.
"Solely by private entities" you mean by individual people instead of by the government?
Here is where glorious principles can never touch reality.
In no large society that has endured and proven competitive are all industry and trade run solely by private entities for profit. Everyone has found it necessary to empower the government to develop, own and operate some portion of all industry and trade.
Conversely, there are not any truly non-capitalistic large societies that have endured. Even the for,war Soviet Union and the current North Korea has had some privately owned entity that produce, trade, or facilitate for profit.