Capitalism is an economic system based on profit and private property. Through free exchange, people and companies are able to trade goods pretty much as they please. In a capitalistic marketplace, nearly everything is privately owned by profit-seeking entities rather than a government (such as with socialism). Capitalism is practiced in the United States and many other countries.
Posts Tagged ‘communism’
Capitalists Compete For A Piece Of Lenin
Thursday, December 9th, 2010This is probably not what he imagined when he commissioned all those paintings and sculptures of himself.
- The Hungarian government is auctioning off a bunch of Lenin memorabilia to help pay for cleanup of the massive wave of toxic waste that flooded Budapest this October.
- Ads for the auction featured a picture of Lenin being struck on the head by the hammer from the communist hammer-and-sickle logo, along with the words “Never Again.”
- Some bourgeois bidders are just picking up kitschy decoration for their homes, but others appear to be having a little communist-bloc nostalgia (see quote below).
Facts & Figures
- Communism collapsed in Hungary more than 20 years ago
- A small ceramic bust of Lenin sold to a 22-year-old for $1,000
- The auction was held at a former warehouse of the Hungarian secret police
Best Quote
“When I was young, I didn’t really look deeply into the faults of the system. I lived a calm, secure life where bread cost 3.5 forints and everyone had a job.” – Gyorgy Torok, a real-estate entrepreneur struggling in the current economic climate