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> Capitalism is about trade and industry being done by private owners, instead of by the state. It's a decentralized economic system that acknowledges a state's inability to fully plan the economy due to imperfect information.

> The basic concept of capitalism is that there are capital owners, and they hire workers who use that capital to generate value. The capital owners receive all of that value and then pay the workers for their time.

These are both true.

This is incorrect. You can have state capitalism as well as non-state non-capitalism (worker-owned cooperatives are a common example of private non-capitalism).

As the person you're responding to said, capitalism is the philosophy that concentration of capital should be rewarded. It's that simple.

Whether the state or private magnates concentrate the capital and get rewarded for it is irrelevant.

State capitalism exists.

capitalism cannot differentiate between efficiency and exploitation