{"version":"1.0","provider_name":"NYC","provider_url":"https:\/\/nyc-test.webdemo.gr\/en\/","author_name":"manager","author_url":"https:\/\/nyc-test.webdemo.gr\/en\/author\/manager\/","title":"WHAT IS CAPITALISM? - NYC","type":"rich","width":600,"height":338,"html":"<blockquote class=\"wp-embedded-content\" data-secret=\"NyYeB1v8AH\"><a href=\"https:\/\/nyc-test.webdemo.gr\/en\/2018\/07\/16\/what-capitalism\/\">WHAT IS CAPITALISM?<\/a><\/blockquote><iframe sandbox=\"allow-scripts\" security=\"restricted\" src=\"https:\/\/nyc-test.webdemo.gr\/en\/2018\/07\/16\/what-capitalism\/embed\/#?secret=NyYeB1v8AH\" width=\"600\" height=\"338\" title=\"&#8220;WHAT IS CAPITALISM?&#8221; &#8212; NYC\" data-secret=\"NyYeB1v8AH\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" class=\"wp-embedded-content\"><\/iframe><script>\n\/*! This file is auto-generated *\/\n!function(d,l){\"use strict\";l.querySelector&&d.addEventListener&&\"undefined\"!=typeof URL&&(d.wp=d.wp||{},d.wp.receiveEmbedMessage||(d.wp.receiveEmbedMessage=function(e){var t=e.data;if((t||t.secret||t.message||t.value)&&!\/[^a-zA-Z0-9]\/.test(t.secret)){for(var s,r,n,a=l.querySelectorAll('iframe[data-secret=\"'+t.secret+'\"]'),o=l.querySelectorAll('blockquote[data-secret=\"'+t.secret+'\"]'),c=new RegExp(\"^https?:$\",\"i\"),i=0;i<o.length;i++)o[i].style.display=\"none\";for(i=0;i<a.length;i++)s=a[i],e.source===s.contentWindow&&(s.removeAttribute(\"style\"),\"height\"===t.message?(1e3<(r=parseInt(t.value,10))?r=1e3:~~r<200&&(r=200),s.height=r):\"link\"===t.message&&(r=new URL(s.getAttribute(\"src\")),n=new URL(t.value),c.test(n.protocol))&&n.host===r.host&&l.activeElement===s&&(d.top.location.href=t.value))}},d.addEventListener(\"message\",d.wp.receiveEmbedMessage,!1),l.addEventListener(\"DOMContentLoaded\",function(){for(var e,t,s=l.querySelectorAll(\"iframe.wp-embedded-content\"),r=0;r<s.length;r++)(t=(e=s[r]).getAttribute(\"data-secret\"))||(t=Math.random().toString(36).substring(2,12),e.src+=\"#?secret=\"+t,e.setAttribute(\"data-secret\",t)),e.contentWindow.postMessage({message:\"ready\",secret:t},\"*\")},!1)))}(window,document);\n\/\/# sourceURL=https:\/\/nyc-test.webdemo.gr\/wp-includes\/js\/wp-embed.min.js\n<\/script>\n","thumbnail_url":"https:\/\/nyc-test.webdemo.gr\/wp-content\/uploads\/2018\/07\/what-capitalism-768x316.jpg","thumbnail_width":600,"thumbnail_height":247,"description":"When students ask the question that is the title of this essay, which they frequently do, they are surprised to learn that scholars have been divided on the nature of capitalism and that, as of yet, no definitive answer is available. Let us sketch the main contours of the debate: if we view capitalism as an economic system, then we must focus on its functions and seek to identify its distinguishing features (if any such exist) with reference to such functions. According to the standard account, an economic system is supposed to answer the fundamental questions of WHAT is to be produced, HOW and FOR WHOM. Some scholars would argue that what distinguishes capitalism from its predecessors is the extensive reliance on a system of decentralized markets combined with private ownership of productive factors and the profit motive for the purpose of resource allocation. Many economists would contend, however, that rationality (defined, at the individual level, as some sort of optimizing behavior over a set of consistent preferences) cuts across time and space, so that the fundamental complexion of economic institutions throughout history reflects the universal imperatives of economic efficiency. In the former view, capitalism is an economic system sui generis; in the latter, it is seen as the outcome of man\u2019s inexorable, though time-consuming and uneven, march toward ever-increasing mastery over his environment."}