Friday, September 29, 2017

Institutions of Capitalism

You see dimensions in two
State your case in black or white
But when one little cross leads to shots, grit your teeth
You run for cover so discreet
--The Fixx

In the sociological context, institutions are structures that promote social order. They define rules, customs, and traditions that govern behavior. In capitalistic societies, these institutions include:

division of labor
limited government
private ownership of property
money
trade
saving
investment
competition
profit motive

As Prof Reisman observes, most of these institutions have been under attack for years. Without these institutions, standard of living suffers.

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