Unless otherwise stated, the authors who contribute to this website will use the following as working definitions in this discussion. As a note, the definitions are not intended to be exhaustive but rather provide a foundation upon which further understanding can take place.
markets – a system for organizing economic activity based on voluntary exchange. Markets have existed in most known human civilizations, though normally only extending to a limited range of goods and services. Alternative systems include subsistence, robbery and some form of social planning or control (e.g. feudalism, socialism, etc.).
economics – a system of thought including both theory and empirical analysis about economic systems and behaviour, especially the market system. Economic ideas are present in the Old Testament, Greek philosophy, Islamic teachings and medieval Christian theology. Economics as a system of thought developed in Britain in the 18th century.
capitalism – a socio-political vision for society that combines advocacy of the market with advocacy of certain values such as freedom and progress. Emerged first in 18th century Britain, from where it has spread to most of the rest of the world.
