Capitalism is the use of wealth in private hands to create more wealth. It is the existing world-wide modern system of organizing production and trade by private enterprise, free to seek profit by employing human labor. Its defenders argue that never, since the beginning of history, has there been such a thing as perfect equality and harmony;… and every know period of history had rich and poor, and that actually modern technology, plus liberal democracy, plus an increased social sense, plus Capitalism, have created the modern world, and that as far as the standard of living of the average man is concerned the modern world surpasses all previous epochs of history.

What It Means

This is a placeholder explanation generated by the low-overhead model. It interprets "Capitalism is the use of wealth in private hands to create more wealth. It is the existing world-wide modern system of organizing production and trade by private enterprise, free to seek profit by employing human labor. Its defenders argue that never, since the beginning of history, has there been such a thing as perfect equality and harmony;… and every know period of history had rich and poor, and that actually modern technology, plus liberal democracy, plus an increased social sense, plus Capitalism, have created the modern world, and that as far as the standard of living of the average man is concerned the modern world surpasses all previous epochs of history." in the context of "p. 26" to mean that wisdom is timeless.