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Contra dance

Contra dance (also contradance, contra-dance and other variant spellings) is a form of folk dancing made up of long lines of couples. It has mixed origins from English country dance, Scottish country dance, and French dance styles in the 17th century. Sometimes described as New England folk dance or Appalachian folk dance, contra dances can be found around the world, but are most common in the United States (periodically held in nearly every state), Canada, and other Anglophone countries.

A contra dance event is a social dance that one can attend without a partner. The dancers form couples, and the couples form sets of two couples in long lines starting from the stage and going down the length of the dance hall. Throughout the course of a dance, couples progress up and down these lines, dancing with each other couple in the line. The dance is led by a caller who teaches the sequence of moves, called "figures," in the dance before the music starts. In a single dance, a caller may include anywhere from six to twelve figures, which are repeated as couples progress up and down the lines. Each time through the dance takes 64 beats, after which the pattern is repeated. The essence of the dance is in following the pattern with your set and your line; since there is no required footwork, many people find contra dance easier to learn than other forms of social dancing.

Almost all contra dances are danced to live music. The music played includes, but is not limited to, Irish, Scottish, old-time, bluegrass and French-Canadian folk tunes. The fiddle is considered the core instrument, though other stringed instruments can be used, such as the guitar, banjo, bass and mandolin, as well as the piano, accordion, flute, clarinet and more. Techno contra dances are done to techno music, typically accompanied by DJ lighting. Music in a dance can consist of a single tune or a medley of tunes, and key changes during the course of a dance are common.

Many callers and bands perform for local contra dances, and some are hired to play for dances around the U.S. and Canada. Many dancers travel regionally (or even nationally) to contra dance weekends and week-long contra dance camps, where they can expect to find other dedicated and skilled dancers, callers, and bands.

History
Contra dance has European origins, and over 100 years of cultural influences from many different sources.

At the end of the 17th century, English country dances were taken up by French dance masters. The French called these dances contredanses (which roughly translated by sound "countrydance" to "contredanse"), as indicated in a 1706 dance book called Recueil de Contredances. As time progressed, these dances returned to England and were spread and reinterpreted in the United States, and eventually the French form of the name came to be associated with the American folk dances, where they were alternatively called "country dances" or in some parts of New England such as New Hampshire, "contradances".

Contra dances were fashionable in the United States and were considered one of the most popular social dances across class lines in the late 18th century, though these events were usually referred to as "country dances" until the 1780s, when the term contra dance became more common to describe these events. In the mid-19th century, group dances started to decline in popularity in favor of quadrilles, lancers, and couple dances such as the waltz and polka.

By the late 19th century, contras were mostly confined to rural settings. This began to change with the square dance revival of the 1920s, pioneered by Henry Ford, founder of the Ford Motor Company, in part as a response in opposition to modern jazz influences in the United States. In the 1920s, Ford asked his friend Benjamin Lovett, a dance coordinator in Massachusetts, to come to Michigan to begin a dance program. Initially, Lovett could not as he was under contract at a local inn; consequently, Ford bought the property rights to the inn. Lovett and Ford initiated a dance program in Dearborn, Michigan that included several folk dances, including contras. Ford also published a book titled Good Morning: After a Sleep of Twenty-Five Years, Old-Fashioned Dancing Is Being Revived in 1926 detailing steps for some contra dances.

In the 1930s and 1940s, the popularity of jazz, swing, and big band music caused contra dance to decline in several parts of the US; the tradition carried on primarily in towns within the northeastern portions of North America, such as Ohio, the Maritime provinces of Canada, and particularly in New England. Ralph Page almost single-handedly maintained the New England tradition until it was revitalized in the 1950s and 1960s, particularly by Ted Sannella and Dudley Laufman.

The New England contra dance tradition was also maintained in Vermont by the Ed Larkin Old Time Contra Dancers, formed by Edwin Loyal Larkin in 1934. The group Larkin founded is still performing, teaching the dances, and holding monthly open house dances in Tunbridge, Vermont.

By then, early dance camps, retreats, and weekends had emerged, such as Pinewoods Camp, in Plymouth, Massachusetts, which became primarily a music and dance camp in 1933, and NEFFA, the New England Folk Festival, also in Massachusetts, which began in 1944. Pittsburgh Contra Dance celebrated its 100th anniversary in 2015. These and others continue to be popular and some offer other dances and activities besides contra dancing.

In the 1970s, Sannella and other callers introduced dance moves from English Country Dance, such as heys and gypsies, to the contra dances. New dances, such as Shadrack's Delight by Tony Parkes, featured symmetrical dancing by all couples. (Previously, the actives and inactives – see Progression – had significantly different roles). Double progression dances, popularized by Herbie Gaudreau, added to the aerobic nature of the dances, and one caller, Gene Hubert, wrote a quadruple progression dance, Contra Madness. Becket formation was introduced, with partners starting the dance next to each other in the line instead of opposite each other. The Brattleboro Dawn Dance started in 1976, and continues to run semiannually.

In the early 1980s, Tod Whittemore started the first Saturday dance in the Peterborough Town House, which remains one of the more popular regional dances. The Peterborough dance influenced Bob McQuillen, who became a notable musician in New England. As musicians and callers moved to other locations, they founded contra dances in Michigan, Washington, Oregon, California, Texas, and elsewhere.

Events
Contra dances take place in more than 200 cities and towns across the U.S., as well as other countries.

Contra dance events are open to all, regardless of experience, unless explicitly labeled otherwise. It is common to see dancers with a wide range of ages, from children to the elderly. Most dancers are white and middle or upper-middle class. Contra dances are family-friendly, and alcohol consumption is not part of the culture. Many events offer beginner-level instructions prior to the dance. A typical evening of contra dance is three hours long, including an intermission. The event consists of a number of individual contra dances, each lasting about 15 minutes, and typically a band intermission with some waltzes, schottisches, polkas, or Swedish hambos. In some places, square dances are thrown into the mix, sometimes at the discretion of the caller. Music for the evening is typically performed by a live band, playing jigs and reels from Ireland, Scotland, Canada, or the USA. The tunes may range from traditional originating a century ago, to modern compositions including electric guitar, synth keyboard, and driving percussion – so long as the music fits the timing for contra dance patterns. Sometimes, a rock tune will be woven in.

Generally, a leader, known as a caller, will teach each individual dance just before the music for that dance begins. During this introductory walk-through, participants learn the dance by walking through the steps and formations, following the caller's instructions. The caller gives the instructions orally, and sometimes augments them with demonstrations of steps by experienced dancers in the group. The walk-through usually proceeds in the order of the moves as they will be done with the music; in some dances, the caller may vary the order of moves during the dance, a fact that is usually explained as part of the caller's instructions.

After the walk-through, the music begins and the dancers repeat that sequence some number of times before that dance ends, often 10 to 15 minutes, depending on the length of the contra lines. Calls are normally given at least the first few times through, and often for the last. At the end of each dance, the dancers thank their partners. The contra dance tradition in North America is to change partners for every dance, while in the United Kingdom typically people dance with the same partner the entire evening. One who attends an evening of contra dances in North America does not need to bring his or her own partner. In the short break between individual dances, the dancers invite each other to dance. Booking ahead by asking partner or partners ahead of time for each individual dance is common at some venues, but has been discouraged by some.

Most contra dances do not have an expected dress code. No special outfits are worn, but comfortable and loose-fitting clothing that does not restrict movement is usually recommended. Women usually wear skirts or dresses as they are cooler than wearing trousers; some men also dance in kilts or skirts. Low heeled, broken-in, soft-soled, non-marking shoes, such as dance shoes, sneakers, or sandals, are recommended and, in some places, required. As dancing can be aerobic, dancers are sometimes encouraged to bring a change of clothes.

As in any social dance, cooperation is vital to contra dancing. Since over the course of any single dance, individuals interact with not just their partners but everyone else in the set, contra dancing might be considered a group activity. As will necessarily be the case when beginners are welcomed in by more practiced dancers, mistakes are made; most dancers are willing to help beginners in learning the steps. However, because the friendly, social nature of the dances can be misinterpreted or even abused, some groups have created anti-harassment policies.

Formations
Contra dances are arranged in long lines of couples. A pair of lines is called a set. Sets are generally arranged so they run the length of the hall, with the top of the set being the end closest to the band and caller, and the bottom of the set being the end farthest from the caller.

Couples consist of two people, traditionally one male and one female, though same-sex pairs are increasingly common. Traditionally the dancers are referred to as the lady and gent, though various other terms have been used: some dances have used men and women, rejecting ladies and gents as elitist; others have used gender-neutral role terms including bares and bands, jets and rubies, and larks and ravens or robins. Couples interact primarily with an adjacent couple for each round of the dance. Each sub-group of two interacting couples is known to choreographers as a minor set and to dancers as a foursome or hands four. Couples in the same minor set are neighbors. Minor sets originate at the head of the set, starting with the topmost dancers as the ones (the active couple or actives); the other couple are twos (or inactives). The ones are said to be above their neighboring twos; twos are below. If there is an uneven number of couples dancing, the bottom-most couple will wait out the first time through the dance.

There are four common ways of arranging couples in the minor sets: proper, improper, Becket, and triple formations. Traditionally, most dances were in the proper formation, with all the gents in one line and all the ladies in the other. Until the end of the nineteenth century, minor sets were most commonly triples. In the twentieth century, duple-minor dances became more common. Since the mid twentieth century, there has been a shift towards improper dances, in which gents and ladies alternate on each side of the set, being the most common formation. Triple dances have also lost popularity in modern contras, while Becket formation, in which dancers stand next to their partners, facing another couple, is a modern innovation.

Progression
A fundamental aspect of contra dancing is that, during a single dance, each dancer has one partner, but interacts with many different people. During a single dance, the same pattern is repeated over and over (one time through lasts roughly 30 seconds), but each time, a pair of dancers will dance with new neighbors (moving on to new neighbors is called progressing). Dancers do not need to memorize these patterns in advance, since the dance leader, or caller, will generally explain the pattern for this dance before the music begins, and give people a chance to walk through the pattern so dancers can learn the moves. The walk through also helps dancers understand how the dance pattern leads them toward new people each time. Once the music starts, the caller continues to describe each move until the dancers are comfortable with that dance pattern. The dance progression is built into the contra dance pattern as continuous motion with the music, and does not interrupt the dancing. While all dancers in the room are part of the same dance pattern, half of the couples in the room are moving toward the band at any moment and half are moving away, so when everybody steps forward, they find new people to dance with. Once a couple reaches the end of the set, they switch direction, dancing back along the set the other way.

A single dance runs around ten minutes, long enough to progress at least 15–20 times. If the sets are short to medium length the caller often tries to run the dance until each couple has danced with every other couple both as a one and a two and returned to where they started. A typical room of contra dancers may include about 120 people; but this varies from 30 people in smaller towns, to over 300 people in cities like Washington DC, Los Angeles, or New York. With longer sets (more than 60 people), one dance typically does not allow dancing with every dancer in the group.

Choreography

Contra dance choreography specifies the dance formation, the figures, and the sequence of those figures in a dance. Contra dance figures (with a few exceptions) do not have defined footwork; within the limits of the music and the comfort of their fellow dancers, individuals move according to their own taste.

Most contra dances consist of a sequence of about 6 to 12 individual figures, prompted by the caller in time to the music as the figures are danced. As the sequence repeats, the caller may cut down his or her prompting, and eventually drop out, leaving the dancers to each other and the music.

A figure is a pattern of movement that typically takes eight counts, although figures with four or 16 counts are also common. Each dance is a collection of figures assembled to allow the dancers to progress along the set (see "Progression", above).

A count (as used above) is one half of a musical measure, such as one quarter note in time or three eighth notes in  time. A count may also be called a step, as contra dance is a walking form, and each count of a dance typically matches a single physical step in a figure.

Typical contra dance choreography comprises four parts, each 16 counts (8 measures) long. The parts are called A1, A2, B1 and B2. This nomenclature stems from the music: Most contra dance tunes (as written) have two parts (A and B), each 8 measures long, and each fitting one part of the dance. The A and B parts are each played twice in a row, hence, A1, A2, B1, B2. While the same music is generally played in, for example, parts A1 and A2, distinct choreography is followed in those parts. Thus, a contra dance is typically 64 counts, and goes with a 32 measure tune. Tunes of this form are called "square"; tunes that deviate from this form are called "crooked".

Sample contra dances:

 * Traditional – the actives do most of the movement
 * Chorus jig (proper duple minor)
 * A1 (16) Actives down the outside and back. (The inactives stand still or substitute a swing).
 * A2 (16) Actives down the center, turn individually, come back, and cast off. (The inactives stand still for the first, take a step up the hall, and then participate in the cast).
 * B1 (16) Actives turn contra corners. (The inactives participate in half the turns.)
 * B2 (16) Actives meet in the middle for a balance and swing, end swing facing up. (The inactives stand still.)
 * Note: inactives will often clog in place or otherwise participate in the dance, even though the figures do not call for them to move.

 * Modern – the dance is symmetrical for actives and inactives
 * "Hay in the Barn" by Chart Guthrie (improper duple minor)
 * A1 (16) Neighbors balance and swing
 * A2 (8) Ladies chain across, (8) half hey, ladies pass right shoulders to start.
 * B1 (16) Partners balance and swing.
 * B2 (8) Ladies chain across, (8) half hey, ladies pass right shoulders to start.

Many modern contra dances have these characteristics:
 * longways for as many as will
 * first couples improper, or Becket formation
 * flowing choreography
 * no-one stationary for more than 16 beats (e.g. first couple balance and swing, finish facing down to make lines of four)
 * containing at least one swing and normally both a partner swing and a neighbor swing
 * the vast majority of the moves from a set of well-known moves that the dancers know already
 * composed mostly of moves that keep all dancers connected
 * generally danced to 32 bar jigs or reels played at between 110 and 130 bpm
 * danced with a smooth walk with many spins and twirls

An event which consists primarily (or solely) of dances in this style is sometimes referred to as a "modern urban contra dance".

Music
The most common contra dance repertoire is rooted in the Anglo-Celtic tradition as it developed in North America. Irish, Scottish, French Canadian, and Old-time tunes are common, and Klezmer tunes have also been used. The old-time repertoire includes very few of the jigs common in the others.

Tunes used for a contra dance are nearly always "square" 64-beat tunes, in which one time through the tune is each of two 16-beat parts played twice (this is notated AABB). However, any 64-beat tune will do; for instance, three 8-beat parts could be played AABB AACC, or two 8-beat parts and one 16-beat part could be played AABB CC. Tunes not 64 beats long are called "crooked" and are almost never used for contra dancing, although a few crooked dances have been written as novelties. Contra tunes are played at a narrow range of tempos, between 108 and 132 bpm.

Fiddles are considered to be the primary melody instrument in contra dancing, though other stringed instruments can also be used, such as the mandolin or banjo, in addition to a few wind instruments, for example, the accordion. The piano, guitar, and double bass are frequently found in the rhythm section of a contra dance band. Occasionally, percussion instruments are also used in contra dancing, such as the Irish bodhran or less frequently, the dumbek or washboard. The last few years have seen some of the bands incorporate the Quebecois practice of tapping feet on a board while playing an instrument (often the fiddle).

Until the 1970s it was traditional to play a single tune for the duration of a contra dance (about 5 to 10 minutes). Since then, contra dance musicians have typically played tunes in sets of two or three related (and sometimes contrasting) tunes, though single-tune dances are again becoming popular with some northeastern bands. In the Celtic repertoires it is common to change keys with each tune. A set might start with a tune in G, switch to a tune in D, and end with a tune in Bm. Here, D is related to G as its dominant (5th), while D and Bm share a key signature of two sharps. In the old-time tradition the musicians will either play the same tune for the whole dance, or switch to tunes in the same key. This is because the tunings of the five-string banjo are key-specific. An old-time band might play a set of tunes in D, then use the time between dances to retune for a set of tunes in A. (Fiddlers also may take this opportunity to retune; tune- or key-specific fiddle tunings are uncommon in American Anglo-Celtic traditions other than old-time.)

In the Celtic repertoires it is most common for bands to play sets of reels and sets of jigs. However, since the underlying beat structure of jigs and reels is the same (two "counts" per bar) bands will occasionally mix jigs and reels in a set.

Some of the most popular contra dance bands in recent years are Great Bear, Perpetual E-Motion, Buddy System, Crowfoot, Elixir, the Mean Lids, Nor'easter, Nova, Pete's Posse, the Stringrays, the Syncopaths, and Wild Asparagus.

Techno contras
In recent years, younger contra dancers have begun establishing "crossover contra" or "techno contra" – contra dancing to techno, hip-hop, and other modern forms of music. While challenging for DJs and callers, the fusion of contra patterns with moves from hip-hop, tango, and other forms of dance has made this form of contra dance a rising trend since 2008. Techno differs from other contra dancing in that it is usually done to recorded music, although there are some bands that play live for techno dances. Techno has become especially prevalent in Asheville, North Carolina, but regular techno contra dance series are spreading up the East Coast to locales such as Charlottesville, Virginia; Washington, D.C.; Amherst, Massachusetts; Greenfield, Massachusetts; and various North Carolina dance communities, with one-time or annual events cropping up in locations farther west, including California, Portland, Oregon, and Washington state. They also sometimes appear as late night events during contra dance weekends. In response to the demand for techno contra, a number of contra dance callers have developed repertoires of recorded songs to play that go well with particular contra dances; these callers are known as DJs. A kind of techno/traditional contra fusion has arisen, with at least one band, Buddy System, playing live music melded with synth sounds for techno contra dances.

General and cited references

 * See chapter VI, "Frolics for Fun: Dances, Weddings and Dinner Parties, pages 109 – 124.
 * (Reprint: first published in 1956 by American Squares as a part of the American Squares Dance Series)
 * See chapter entitled "Country Dancing," Pages 57 – 120. (The first edition was published in 1939.)
 * (Reprint: first published in 1956 by American Squares as a part of the American Squares Dance Series)
 * See chapter entitled "Country Dancing," Pages 57 – 120. (The first edition was published in 1939.)
 * See chapter entitled "Country Dancing," Pages 57 – 120. (The first edition was published in 1939.)
 * See chapter entitled "Country Dancing," Pages 57 – 120. (The first edition was published in 1939.)
 * See chapter entitled "Country Dancing," Pages 57 – 120. (The first edition was published in 1939.)
 * See chapter entitled "Country Dancing," Pages 57 – 120. (The first edition was published in 1939.)
 * See chapter entitled "Country Dancing," Pages 57 – 120. (The first edition was published in 1939.)
 * See chapter entitled "Country Dancing," Pages 57 – 120. (The first edition was published in 1939.)
 * See chapter entitled "Country Dancing," Pages 57 – 120. (The first edition was published in 1939.)
 * See chapter entitled "Country Dancing," Pages 57 – 120. (The first edition was published in 1939.)
 * See chapter entitled "Country Dancing," Pages 57 – 120. (The first edition was published in 1939.)
 * See chapter entitled "Country Dancing," Pages 57 – 120. (The first edition was published in 1939.)

title: Contra dance


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Coin collecting

Coin collecting is the collecting of coins or other forms of minted legal tender. Coins of interest to collectors include beautiful, rare, and historically significant pieces. Collectors may be interested, for example, in complete sets of a particular design or denomination, coins that were in circulation for only a brief time, or coins with errors. Coin collecting can be differentiated from numismatics, in that the latter is the systematic study of currency as a whole, though the two disciplines are closely interlinked.

Many factors determine a coin's value including grade, rarity, and popularity. Commercial organizations offer grading services and will grade, authenticate, attribute, and encapsulate most coins.

History

People have hoarded coins for their bullion value for as long as coins have been minted. However, the collection of coins for their artistic value was a later development. Evidence from the archaeological and historical record of Ancient Rome and medieval Mesopotamia indicates that coins were collected and catalogued by scholars and state treasuries. It also seems probable that individual citizens collected old, exotic or commemorative coins as an affordable, portable form of art. According to Suetonius in his De vita Caesarum (The Lives of the Twelve Caesars), written in the first century AD, the emperor Augustus sometimes presented old and exotic coins to friends and courtiers during festivals and other special occasions. While the literary sources are scarce, it's evident that collecting of ancient coins persisted in the Western World during the Middle Ages among rulers and high nobility.

Contemporary coin collecting and appreciation began around the fourteenth century. During the Renaissance, it became a fad among some members of the privileged classes, especially kings and queens. The Italian scholar and poet Petrarch is credited with being the pursuit's first and most famous aficionado. Following his lead, many European kings, princes, and other nobility kept collections of ancient coins. Some notable collectors were Pope Boniface VIII, Emperor Maximilian I of the Holy Roman Empire, Louis XIV of France, Ferdinand I of Spain and Holy Roman Emperor, Henry IV of France and Elector Joachim II of Brandenburg, who started the Berlin Coin Cabinet (German: Münzkabinett Berlin). Perhaps because only the very wealthy could afford the pursuit, in Renaissance times coin collecting became known as the "Hobby of Kings".

During the 17th and 18th centuries coin collecting remained a pursuit of the well-to-do. But rational, Enlightenment thinking led to a more systematic approach to accumulation and study. Numismatics as an academic discipline emerged in these centuries at the same time as a growing middle class, eager to prove their wealth and sophistication, began to collect coins. During the 19th and 20th centuries, coin collecting increased further in popularity. The market for coins expanded to include not only antique coins, but foreign or otherwise exotic currency. Coin shows, trade associations, and regulatory bodies emerged during these decades. The first international convention for coin collectors was held 15–18 August 1962, in Detroit, Michigan, and was sponsored by the American Numismatic Association and the Royal Canadian Numismatic Association. Attendance was estimated at 40,000. As one of the oldest and most popular world pastimes, coin collecting is now often referred to as the "King of Hobbies".

Motivations
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The motivations for collecting vary. Possibly the most common type of collectors are the hobbyists, who amass a collection primarily for the pleasure of it without the intention of making a profit.

Another frequent reason for purchasing coins is as an investment. As with stamps, precious metals, or other commodities, coin prices vary based on supply and demand. Prices drop for coins that are not in long-term demand, and increase along with a coin's perceived or intrinsic value. Investors buy with the expectation that the value of their purchase will increase over the long term. As with all types of investment, the principle of caveat emptor applies, and study is recommended before buying. Likewise, as with most collectibles, a coin collection does not produce income until it is sold, and may even incur costs (for example, the cost of safe deposit box storage) in the interim.

Some people collect coins for patriotic reasons and mints from various countries create coins specifically for patriotic collectors. One example of a patriotic coin was minted in 1813 by the United Provinces of the Rio de la Plata. One of the first pieces of legislation the new country enacted (after the revolution that freed it from Spanish rule) was to mint coins to replace the Spanish currency that had been in use. Another example is the U.S. 2022 Purple Heart Commemorative Coin Program.

Collector types
Some coin collectors are generalists and accumulate examples from a broad variety of historical or geographically significant coins, but most collectors focus on a narrower, specialist interest. For example, some collectors focus on coins based on a common theme, such as coins from a country (often the collector's own), a coin each year from a series, or coins with a common mint mark.

There are also completists who seek an example of every type of coin within a certain category. One of the most famous of this type of collector is Louis E. Eliasberg, the only collector thus far to assemble a complete set of known coins of the United States. Foreign coin collecting is another type of collection that numismatics enjoy collecting.

Coin hoarders are similar to investors in the sense that they accumulate coins for potential long-term profit. However, they typically do not take into account aesthetic considerations. This is most common with coins whose metal value exceeds their spending value.

Speculators, be they amateurs or commercial buyers, may purchase coins in bulk or in small batches, and often act with the expectation of delayed profit. They may wish to take advantage of a spike in demand for a particular coin (for example, during the annual release of Canadian numismatic collectibles from the Royal Canadian Mint). The speculator might hope to buy the coin in large lots and sell at a profit within weeks or months. Speculators may also buy common circulation coins for their intrinsic metal value. Coins without collectible value may be melted down or distributed as bullion for commercial purposes. Typically they purchase coins that are composed of rare or precious metals, or coins that have a high purity of a specific metal.

A final type of collector is the inheritor, an accidental collector who acquires coins from another person as part of an inheritance. The inheritor type may not necessarily have an interest in or know anything about numismatics at the time of the acquisition.

Grade and value

In coin collecting, the condition of a coin (its grade) is key to its value; a high-quality example with minimal wear is often worth many times more than a poor example. Collectors have created systems to describe the overall condition of coins. Any damage, such as wear or cleaning, can substantially decrease a coin's value.

By the mid 20th century, with the growing market for rare coins, the American Numismatic Association helps identify most coins in North America, numbering coins from 1 (poor) to 70 (mint state), and setting aside a separate category for proof coinage. This system is often shunned by coin experts in Europe and elsewhere, who prefer to use adjectival grades. Nevertheless, most grading systems use similar terminology, and values and remain mutually intelligible.

Certification services
Third-party grading (TPG), aka coin certification services, emerged in the 1980s with the goals of standardizing grading, exposing alterations, and eliminating counterfeits. For tiered fees, certification services grade, authenticate, attribute, and encapsulate coins in clear plastic holders.

Coin certification has greatly reduced the number of counterfeits and grossly over graded coins, and improved buyer confidence. Certification services can sometimes be controversial because grading is subjective; coins may be graded differently by different services or even upon resubmission to the same service. The numeric grade alone does not represent all of a coin's characteristics, such as toning, strike, brightness, color, luster, and attractiveness. Due to potentially large differences in value over slight differences in a coin's condition, some submitters will repeatedly resubmit a coin to a grading service in the hope of receiving a higher grade. Because fees are charged for certification, submitters must funnel money away from purchasing additional coins.

Clubs
Coin collector clubs offer a variety of benefits to members. They usually serve as a source of information and unification of people interested in coins. Collector clubs are popular both offline and online.

Examples

 * Byron Reed Collection
 * Collection at Ibn Sina Academy

license: Creative Commons - Attribution Share-Alike - https://creativecommons.org/licenses/by-sa/4.0/

title: Coin collecting


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Crokinole

Crokinole is a disk-flicking dexterity board game, possibly of Canadian origin, similar to the games of pitchnut, carrom, and pichenotte, with elements of shuffleboard and curling reduced to table-top size. Players take turns shooting discs across the circular playing surface, trying to land their discs in the higher-scoring regions of the board, particularly the recessed centre hole of 20 points, while also attempting to knock opposing discs off the board, and into the 'ditch'. In crokinole, the shooting is generally towards the centre of the board, unlike carroms and pitchnut, where the shooting is towards the four outer corner pockets, as in pool. Crokinole is also played using cue sticks, and there is a special category for cue stick participants at the World Crokinole Championships in Tavistock, Ontario, Canada.

Equipment
Board dimensions vary with a playing surface typically of polished wood or laminate approximately 26 in in diameter. The arrangement is 3 concentric rings worth 5, 10, and 15 points as you move in from the outside. There is a shallow 20-point hole at the centre. The inner 15-point ring is guarded with 8 small bumpers or posts. The outer ring of the board is divided into four quadrants. The outer edge of the board is raised slightly to keep errant shots from flying out, with a gutter between the playing surface and the edge to collect discarded pieces. Crokinole boards are typically octagonal or round in shape. The wooden discs are roughly checker-sized, slightly smaller in diameter than the board's central hole, and typically have one side slightly concave and one side slightly convex, mainly due to the inherent features of wood, more than a planned design. Alternatively, the game may be played with ring-shaped pieces with a central hole.

Powder
The use of any lubricating powder in crokinole is controversial, with some purists reviling the practice.

Powder is sometimes used to ensure pieces slide smoothly on the surface. Boric acid was popular for a long time, but is now considered toxic and has been replaced with safer substitutes. The EU has classified Boric acid as a "Serious Health Hazard". In the UK, many players use a version of anti-set-off spray powder, from the printing industry, which has specific electrostatic properties, with particles of 50-micrometre diameter (0.0005 mm). The powder is made of pure food-grade plant/vegetable starch.

The World Crokinole Championships in Tavistock, Ontario, Canada, states: "The WCC waxes boards, as required, with paste wax. On tournament day powdered shuffleboard wax (CAPO fast speed, yellow and white container) is placed in the ditch. Only tournament organizers will apply quality granular shuffleboard wax. Wax will be placed in the ditch area so that players can rub their discs in the wax prior to shooting, if they desire. Contestants are not allowed to apply lubricants of any type to the board. Absolutely no other lubricant will be allowed".

Gameplay
Crokinole is most commonly played by two players, or by four players in teams of two, with partners sitting across the board from each other. Players take turns flicking their discs from the outer edge of their quadrant of the board onto the playfield. Shooting is usually done by flicking the disc with a finger, though sometimes small cue sticks may be used. If there are any enemy discs on the board, a player must make contact, directly or indirectly, with an enemy disc during the shot. If unsuccessful, the shot disc is "fouled" and removed from the board, along with any of the player's other discs that were moved during the shot.

When there are no enemy discs on the board, many (but not all) rules also state that a player must shoot for the centre of the board, and a shot disc must finish either completely inside the 15-point guarded ring line, or (depending on the specifics of the rules) be inside or touching this line. This is often called the "no hiding" rule, since it prevents players from placing their first shots where their opponent must traverse completely through the guarded centre ring to hit them and avoid fouling. When playing without this rule, a player may generally make any shot desired, and as long as a disc remains completely inside the outer line of the playfield, it remains on the board. During any shot, any disc that falls completely into the recessed central "20" hole (a.k.a. the "Toad" or "Dukie") is removed from play, and counts as twenty points for the owner of the disc at the end of the round, assuming the shot is valid. Scoring occurs after all pieces (generally 12 per player or team) have been played, and is differential: i.e., the player or team with higher score is awarded the difference between the higher and lower scores for the round, thus only one team or player each round gains points. Play continues until a predetermined winning score is reached.

History of the game
After 30 years of research, Wayne Kelly published his assessment of the first origins of crokinole, in The Crokinole Book, Third Edition, page 28, which leaves the door open to future research and discovery of the origins of the game of crokinole: "The earliest American crokinole board and reference to the game is M. B. Ross's patented New York board of 1880. The earliest Canadian reference is 1867 (Sports and Games in Canadian Life: 1700 to the Present by Howell and Howell, Toronto, MacMillan Company of Canada, 1969, p.61), and the oldest piece dated at 1875 by Ekhardt Wettlaufer. Could Ekhardt Wettlaufer have visited friends in New York state, noticed an unusual and entertaining parlour game being played, and upon arrival at home, made an imitation as a gift for his son? After all, he was a talented, and no doubt resourceful, painter and woodworker. Or was it the other way around? Did Mr. M. B. Ross travel to Ontario, take note of a quaint piece of rural folk art, and upon return to New York, put his American entrepreneurial skills to work - complete with patent name - on his new crokinole board? As the trail is more than 100 years old and no other authoritative source can be found, it appears, at the moment, that Eckhardt Wettlaufer or M. B. Ross are as close as we can get to answering the question WHO (made the first crokinole board.)"

The earliest known crokinole board was made by craftsman Eckhardt Wettlaufer in 1876 in Perth County, Ontario, Canada. It is said Wettlaufer crafted the board as a fifth birthday present for his son Adam, which is now part of the collection at the Joseph Schneider Haus, a national historic site in Kitchener, Ontario, with a focus on Germanic folk art. Several other home-made boards dating from southwestern Ontario in the 1870s have been discovered since the 1990s. A board game similar to crokinole was patented on 20 April 1880 by Joshua K. Ingalls (US Patent No. 226,615)

Crokinole is often believed to be of Mennonite or Amish origins, but there is no factual data to support such a claim. The reason for this misconception may be due to its popularity in Mennonite and Amish groups. The game was viewed as a rather innocuous pastime – unlike the perception that diversions such as card playing or dancing were considered "works of the Devil" as held by many 19th-century Protestant groups. The oldest roots of crokinole, from the 1860s, suggest the British and South Asian games, such as carrom, are the most likely antecedents of what became crokinole. In 2006, a documentary film called Crokinole was released. The world premiere occurred at the Princess Cinema in Waterloo, Ontario, in early 2006. The movie follows some of the competitors of the 2004 World Crokinole Championship as they prepare for the event.

Origins of the name
The name "crokinole" derives from croquignole, a French word today designating: It also used to designate the action of flicking with the finger (Molière, Le malade imaginaire; or Voltaire, Lettre à Frédéric II Roi de Prusse; etc.), and this seems the most likely origin of the name of the game. Croquignole was also a synonym of pichenotte, a word that gave its name to the different but related games of pichenotte and pitchnut.
 * 1) in France, a kind of cookie (or biscuit in British English), similar to a biscotto;
 * 2) in French Canada, a pastry somewhat similar to a doughnut (except for the shape).

From The Crokinole Book 3rd Edition by Wayne S. Kelly "Is it possible that the English word 'crokinole' is simply an etymological offspring of the French word 'croquignole'? It would appear so for the following reasons. Going back to the entry for Crokinole in Webster's Third New International Dictionary, within the etymological brackets, it says: [French croquignole, fillip]. This is a major clue. The word fillip, according to Webster's, has two definitions: "1. a blow or gesture made by the sudden forcible release of a finger curled up against the thumb; a short sharp blow. 2. to strike by holding the nail of a finger curled up against the ball of the thumb and then suddenly releasing it from that position". So it seems evident, then, that our game of crokinole derives its name from the verb form (of croquignole) defining the principle action in the game, that of flicking or 'filliping' a playing piece across the board".

The word Crokinole is generally acknowledged to have been derived from the French Canadian word "Croquignole", a word with several meanings, such as fillip, snap, biscuit, bun and a woman's wavy hairstyle popular at the turn of the century. The US state of New York shares border crossings with both of the Canadian provinces of Ontario and Quebec, all three of which are popular "hotbeds" of Crokinole playing.

Crokinole is called knipsbrat ('flick-board') (and occasionally knipsdesh (flick-table)) in the Plautdietsch spoken by Russian Mennonites.

World Crokinole Championship
The World Crokinole Championship (WCC) tournament has been held annually since 1999 on the first Saturday of June in Tavistock, Ontario. Tavistock was chosen as the host city because it was the home of Eckhardt Wettlaufer, the maker of the earliest known board. The tournament has seen registration from every Canadian province, several American states, Germany, Australia, Spain and the UK.

The WCC singles competition begins with a qualifying round in which competitors play 10 matches against randomly assigned opponents. The qualifying round is played in a large randomly determined competition. At the end of the opening round, the top 16 competitors move on to the playoffs. The top four in the playoffs advance to a final round robin to play each other, and the top two compete in the finals. The WCC doubles competition begins with a qualifying round of 8 matches against randomly assigned opponents with the top six teams advancing to a playoff round robin to determine the champions.

The WCC has multiple divisions, including a singles finger-shooting category for competitive players (adult singles), novices (recreational), and younger players (intermediate, 11–14 yrs; junior, 6–10 yrs), as well as a division for cue-shooters (cues singles). The WCC also awards a prize for the top 20-hole shooter in the qualifying round of competitive singles, recreational singles, cues singles, intermediate singles, and in the junior singles. The tournament also holds doubles divisions for competitive fingers-shooting (competitive doubles), novices (recreational doubles), younger players (youth doubles, 6–16yrs), and cues-shooting (cues doubles). The official board builder of the World Crokinole Championships is Jeremy Tracey.

National Crokinole Association
The National Crokinole Association (NCA) is an association that supports existing, and the development of new, crokinole clubs and tournaments. While the majority of NCA events are based in Ontario, Canada, the NCA has held sanctioned events in the Canadian provinces of PEI and BC, as well as in New York State.

The collection of NCA tournaments is referred to as the NCA Tour. Each NCA Tour season begins at the Tavistock World Crokinole Championships in June, and concludes at the Ontario Singles Crokinole Championship in May of the following years. The results of each tournament award points for each player, as they compete for their season-ending ranking classification.

title: Crokinole


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Capitalism

Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, price systems, private property, property rights recognition, self-interest, economic freedom, meritocracy, work ethic, consumer sovereignty, profit motive, entrepreneurship, commodification, voluntary exchange, wage labor and the production of commodities. In a market economy, decision-making and investments are determined by owners of wealth, property, or ability to maneuver capital or production ability in capital and financial markets—whereas prices and the distribution of goods and services are mainly determined by competition in goods and services markets.

Economists, historians, political economists, and sociologists have adopted different perspectives in their analyses of capitalism and have recognized various forms of it in practice. These include laissez-faire or free-market capitalism, anarcho-capitalism, state capitalism, and welfare capitalism. Different forms of capitalism feature varying degrees of free markets, public ownership, obstacles to free competition, and state-sanctioned social policies. The degree of competition in markets and the role of intervention and regulation, as well as the scope of state ownership, vary across different models of capitalism. The extent to which different markets are free and the rules defining private property are matters of politics and policy. Most of the existing capitalist economies are mixed economies that combine elements of free markets with state intervention and in some cases economic planning.

Capitalism in its modern form emerged from agrarianism in England, as well as mercantilist practices by European countries between the 16th and 18th centuries. The Industrial Revolution of the 18th century established capitalism as a dominant mode of production, characterized by factory work and a complex division of labor. Through the process of globalization, capitalism spread across the world in the 19th and 20th centuries, especially before World War I and after the end of the Cold War. During the 19th century, capitalism was largely unregulated by the state, but became more regulated in the post–World War II period through Keynesianism, followed by a return of more unregulated capitalism starting in the 1980s through neoliberalism.

Market economies have existed under many forms of government and in many different times, places, and cultures. Modern industrial capitalist societies developed in Western Europe in a process that led to the Industrial Revolution. Capitalist economies promote economic growth through accumulation of capital, however a business cycle of economic growth followed by recession is a common characteristic of such economies.

Etymology
The term "capitalist", meaning an owner of capital, appears earlier than the term "capitalism" and dates to the mid-17th century. "Capitalism" is derived from capital, which evolved from capitale, a late Latin word based on caput, meaning "head"—which is also the origin of "chattel" and "cattle" in the sense of movable property (only much later to refer only to livestock). Capitale emerged in the 12th to 13th centuries to refer to funds, stock of merchandise, sum of money or money carrying interest. By 1283, it was used in the sense of the capital assets of a trading firm and was often interchanged with other words—wealth, money, funds, goods, assets, property and so on.

The Hollantse (holländische) Mercurius uses "capitalists" in 1633 and 1654 to refer to owners of capital. In French, Étienne Clavier referred to capitalistes in 1788, four years before its first recorded English usage by Arthur Young in his work Travels in France (1792). In his Principles of Political Economy and Taxation (1817), David Ricardo referred to "the capitalist" many times. English poet Samuel Taylor Coleridge used "capitalist" in his work Table Talk (1823). Pierre-Joseph Proudhon used the term in his first work, What is Property? (1840), to refer to the owners of capital. Benjamin Disraeli used the term in his 1845 work Sybil. Alexander Hamilton used "capitalist" in his Report of Manufactures presented to the United States Congress in 1791.

The initial use of the term "capitalism" in its modern sense is attributed to Louis Blanc in 1850 ("What I call 'capitalism' that is to say the appropriation of capital by some to the exclusion of others") and Pierre-Joseph Proudhon in 1861 ("Economic and social regime in which capital, the source of income, does not generally belong to those who make it work through their labor"). Karl Marx frequently referred to the "capital" and to the "capitalist mode of production" in Das Kapital (1867). Marx did not use the form capitalism but instead used capital, capitalist and capitalist mode of production, which appear frequently. Due to the word being coined by socialist critics of capitalism, economist and historian Robert Hessen stated that the term "capitalism" itself is a term of disparagement and a misnomer for economic individualism. Bernard Harcourt agrees with the statement that the term is a misnomer, adding that it misleadingly suggests that there is such a thing as "capital" that inherently functions in certain ways and is governed by stable economic laws of its own.

In the English language, the term "capitalism" first appears, according to the Oxford English Dictionary (OED), in 1854, in the novel The Newcomes by novelist William Makepeace Thackeray, where the word meant "having ownership of capital". Also according to the OED, Carl Adolph Douai, a German American socialist and abolitionist, used the term "private capitalism" in 1863.

Definition
There is no universally agreed upon definition of capitalism; it is unclear whether or not capitalism characterizes an entire society, a specific type of social order, or crucial components or elements of a society. Societies officially founded in opposition to capitalism (such as the Soviet Union) have sometimes been argued to actually exhibit characteristics of capitalism. Nancy Fraser describes usage of the term "capitalism" by many authors as "mainly rhetorical, functioning less as an actual concept than as a gesture toward the need for a concept". Scholars who are uncritical of capitalism rarely actually use the term "capitalism". Some doubt that the term "capitalism" possesses valid scientific dignity, and it is generally not discussed in mainstream economics, with economist Daron Acemoglu suggesting that the term "capitalism" should be abandoned entirely. Consequently, understanding of the concept of capitalism tends to be heavily influenced by opponents of capitalism and by the followers and critics of Karl Marx.

History

Capitalism, in its modern form, can be traced to the emergence of agrarian capitalism and mercantilism in the early Renaissance, in city-states like Florence. Capital has existed incipiently on a small scale for centuries in the form of merchant, renting and lending activities and occasionally as small-scale industry with some wage labor. Simple commodity exchange and consequently simple commodity production, which is the initial basis for the growth of capital from trade, have a very long history. During the Islamic Golden Age, Arabs promulgated capitalist economic policies such as free trade and banking. Their use of Indo-Arabic numerals facilitated bookkeeping. These innovations migrated to Europe through trade partners in cities such as Venice and Pisa. Italian mathematicians traveled the Mediterranean talking to Arab traders and returned to popularize the use of Indo-Arabic numerals in Europe.

Agrarianism
The economic foundations of the feudal agricultural system began to shift substantially in 16th-century England as the manorial system had broken down and land began to become concentrated in the hands of fewer landlords with increasingly large estates. Instead of a serf-based system of labor, workers were increasingly employed as part of a broader and expanding money-based economy. The system put pressure on both landlords and tenants to increase the productivity of agriculture to make profit; the weakened coercive power of the aristocracy to extract peasant surpluses encouraged them to try better methods, and the tenants also had incentive to improve their methods in order to flourish in a competitive labor market. Terms of rent for land were becoming subject to economic market forces rather than to the previous stagnant system of custom and feudal obligation.

Mercantilism
The economic doctrine prevailing from the 16th to the 18th centuries is commonly called mercantilism. This period, the Age of Discovery, was associated with the geographic exploration of foreign lands by merchant traders, especially from England and the Low Countries. Mercantilism was a system of trade for profit, although commodities were still largely produced by non-capitalist methods. Most scholars consider the era of merchant capitalism and mercantilism as the origin of modern capitalism, although Karl Polanyi argued that the hallmark of capitalism is the establishment of generalized markets for what he called the "fictitious commodities", i.e. land, labor and money. Accordingly, he argued that "not until 1834 was a competitive labor market established in England, hence industrial capitalism as a social system cannot be said to have existed before that date".

England began a large-scale and integrative approach to mercantilism during the Elizabethan Era (1558–1603). A systematic and coherent explanation of balance of trade was made public through Thomas Mun's argument England's Treasure by Forraign Trade, or the Balance of our Forraign Trade is The Rule of Our Treasure. It was written in the 1620s and published in 1664.

European merchants, backed by state controls, subsidies and monopolies, made most of their profits by buying and selling goods. In the words of Francis Bacon, the purpose of mercantilism was "the opening and well-balancing of trade; the cherishing of manufacturers; the banishing of idleness; the repressing of waste and excess by sumptuary laws; the improvement and husbanding of the soil; the regulation of prices...".

After the period of the proto-industrialization, the British East India Company and the Dutch East India Company, after massive contributions from the Mughal Bengal, inaugurated an expansive era of commerce and trade. These companies were characterized by their colonial and expansionary powers given to them by nation-states. During this era, merchants, who had traded under the previous stage of mercantilism, invested capital in the East India Companies and other colonies, seeking a return on investment.

Industrial Revolution
In the mid-18th century a group of economic theorists, led by David Hume (1711–1776) and Adam Smith (1723–1790), challenged fundamental mercantilist doctrines—such as the belief that the world's wealth remained constant and that a state could only increase its wealth at the expense of another state.

During the Industrial Revolution, industrialists replaced merchants as a dominant factor in the capitalist system and effected the decline of the traditional handicraft skills of artisans, guilds and journeymen. Industrial capitalism marked the development of the factory system of manufacturing, characterized by a complex division of labor between and within work process and the routine of work tasks; and eventually established the domination of the capitalist mode of production.

Industrial Britain eventually abandoned the protectionist policy formerly prescribed by mercantilism. In the 19th century, Richard Cobden (1804–1865) and John Bright (1811–1889), who based their beliefs on the Manchester School, initiated a movement to lower tariffs. In the 1840s Britain adopted a less protectionist policy, with the 1846 repeal of the Corn Laws and the 1849 repeal of the Navigation Acts. Britain reduced tariffs and quotas, in line with David Ricardo's advocacy of free trade.

Modernity

Broader processes of globalization carried capitalism across the world. By the beginning of the nineteenth century, a series of loosely connected market systems had come together as a relatively integrated global system, in turn intensifying processes of economic and other globalization. Late in the 20th century, capitalism overcame a challenge by centrally-planned economies and is now the encompassing system worldwide, with the mixed economy as its dominant form in the industrialized Western world.

Industrialization allowed cheap production of household items using economies of scale, while rapid population growth created sustained demand for commodities. The imperialism of the 18th-century decisively shaped globalization.

After the First and Second Opium Wars (1839–60) and the completion of the British conquest of India by 1858, vast populations of Asia became consumers of European exports. Europeans colonized areas of sub-Saharan Africa and the Pacific islands. Colonisation by Europeans, notably of sub-Saharan Africa, yielded valuable natural resources such as rubber, diamonds and coal and helped fuel trade and investment between the European imperial powers, their colonies and the United States:

"The inhabitant of London could order by telephone, sipping his morning tea, the various products of the whole earth, and reasonably expect their early delivery upon his doorstep. Militarism and imperialism of racial and cultural rivalries were little more than the amusements of his daily newspaper. What an extraordinary episode in the economic progress of man was that age which came to an end in August 1914."

From the 1870s to the early 1920s, the global financial system was mainly tied to the gold standard. The United Kingdom first formally adopted this standard in 1821. Soon to follow were Canada in 1853, Newfoundland in 1865, the United States and Germany (de jure) in 1873. New technologies, such as the telegraph, the transatlantic cable, the radiotelephone, the steamship and railways allowed goods and information to move around the world to an unprecedented degree.

In the United States, the term "capitalist" primarily referred to powerful businessmen until the 1920s due to widespread societal skepticism and criticism of capitalism and its most ardent supporters.

Contemporary capitalist societies developed in the West from 1950 to the present and this type of system continues throughout the world—relevant examples started in the United States after the 1950s, France after the 1960s, Spain after the 1970s, Poland after 2015, and others. At this stage most capitalist markets are considered developed and characterized by developed private and public markets for equity and debt, a high standard of living (as characterized by the World Bank and the IMF), large institutional investors and a well-funded banking system. A significant managerial class has emerged and decides on a significant proportion of investments and other decisions. A different future than that envisioned by Marx has started to emerge—explored and described by Anthony Crosland in the United Kingdom in his 1956 book The Future of Socialism and by John Kenneth Galbraith in North America in his 1958 book The Affluent Society, 90 years after Marx's research on the state of capitalism in 1867.

The postwar boom ended in the late 1960s and early 1970s and the economic situation grew worse with the rise of stagflation. Monetarism, a modification of Keynesianism that is more compatible with laissez-faire analyses, gained increasing prominence in the capitalist world, especially under the years in office of Ronald Reagan in the United States (1981–1989) and of Margaret Thatcher in the United Kingdom (1979–1990). Public and political interest began shifting away from the so-called collectivist concerns of Keynes's managed capitalism to a focus on individual choice, called "remarketized capitalism".

The end of the Cold War and the dissolution of the Soviet Union allowed for capitalism to become a truly global system in a way not seen since before World War I. The development of the neoliberal global economy would have been impossible without the fall of communism.

Harvard Kennedy School economist Dani Rodrik distinguishes between three historical variants of capitalism:
 * Capitalism 1.0 during the 19th century entailed largely unregulated markets with a minimal role for the state (aside from national defense, and protecting property rights);
 * Capitalism 2.0 during the post-World War II years entailed Keynesianism, a substantial role for the state in regulating markets, and strong welfare states;
 * Capitalism 2.1 entailed a combination of unregulated markets, globalization, and various national obligations by states.

Relationship to democracy
The relationship between democracy and capitalism is a contentious area in theory and in popular political movements. The extension of adult-male suffrage in 19th-century Britain occurred along with the development of industrial capitalism and representative democracy became widespread at the same time as capitalism, leading capitalists to posit a causal or mutual relationship between them. However, according to some authors in the 20th-century, capitalism also accompanied a variety of political formations quite distinct from liberal democracies, including fascist regimes, absolute monarchies and single-party states. Democratic peace theory asserts that democracies seldom fight other democracies, but others suggest this may be because of political similarity or stability, rather than because they are "democratic" or "capitalist". Critics argue that though economic growth under capitalism has led to democracy, it may not do so in the future as authoritarian régimes have been able to manage economic growth using some of capitalism's competitive principles without making concessions to greater political freedom.

Political scientists Torben Iversen and David Soskice see democracy and capitalism as mutually supportive. Robert Dahl argued in On Democracy that capitalism was beneficial for democracy because economic growth and a large middle class were good for democracy. He also argued that a market economy provided a substitute for government control of the economy, which reduces the risks of tyranny and authoritarianism.

In his book The Road to Serfdom (1944), Friedrich Hayek (1899–1992) asserted that the free-market understanding of economic freedom as present in capitalism is a requisite of political freedom. He argued that the market mechanism is the only way of deciding what to produce and how to distribute the items without using coercion. Milton Friedman and Ronald Reagan also promoted this view. Friedman claimed that centralized economic operations are always accompanied by political repression. In his view, transactions in a market economy are voluntary and that the wide diversity that voluntary activity permits is a fundamental threat to repressive political leaders and greatly diminishes their power to coerce. Some of Friedman's views were shared by John Maynard Keynes, who believed that capitalism was vital for freedom to survive and thrive. Freedom House, an American think-tank that conducts international research on, and advocates for, democracy, political freedom and human rights, has argued that "there is a high and statistically significant correlation between the level of political freedom as measured by Freedom House and economic freedom as measured by the Wall Street Journal/Heritage Foundation survey".

In Capital in the Twenty-First Century (2013), Thomas Piketty of the Paris School of Economics asserted that inequality is the inevitable consequence of economic growth in a capitalist economy and the resulting concentration of wealth can destabilize democratic societies and undermine the ideals of social justice upon which they are built.

States with capitalistic economic systems have thrived under political regimes deemed to be authoritarian or oppressive. Singapore has a successful open market economy as a result of its competitive, business-friendly climate and robust rule of law. Nonetheless, it often comes under fire for its style of government which, though democratic and consistently one of the least corrupt, operates largely under a one-party rule. Furthermore, it does not vigorously defend freedom of expression as evidenced by its government-regulated press, and its penchant for upholding laws protecting ethnic and religious harmony, judicial dignity and personal reputation. The private (capitalist) sector in the People's Republic of China has grown exponentially and thrived since its inception, despite having an authoritarian government. Augusto Pinochet's rule in Chile led to economic growth and high levels of inequality by using authoritarian means to create a safe environment for investment and capitalism. Similarly, Suharto's authoritarian reign and extirpation of the Communist Party of Indonesia allowed for the expansion of capitalism in Indonesia.

The term "capitalism" in its modern sense is often attributed to Karl Marx. In his Das Kapital, Marx analyzed the "capitalist mode of production" using a method of understanding today known as Marxism. However, Marx himself rarely used the term "capitalism" while it was used twice in the more political interpretations of his work, primarily authored by his collaborator Friedrich Engels. In the 20th century, defenders of the capitalist system often replaced the term "capitalism" with phrases such as free enterprise and private enterprise and replaced "capitalist" with rentier and investor in reaction to the negative connotations associated with capitalism.

Characteristics
In general, capitalism as an economic system and mode of production can be summarized by the following:
 * Capital accumulation: production for profit and accumulation as the implicit purpose of all or most of production, constriction or elimination of production formerly carried out on a common social or private household basis.
 * Commodity production: production for exchange on a market; to maximize exchange-value instead of use-value.
 * Private ownership of the means of production:
 * Primacy of wage labor.
 * The investment of money to make a profit.
 * The use of the price mechanism to allocate resources between competing uses.
 * Economically efficient use of the factors of production and raw materials due to maximization of value added in the production process.
 * Freedom of capitalists to act in their self-interest in managing their business and investments.
 * Capital suppliance by "the single owner of a firm, or by shareholders in the case of a joint-stock company."

Market
In free market and laissez-faire forms of capitalism, markets are used most extensively with minimal or no regulation over the pricing mechanism. In mixed economies, which are almost universal today, markets continue to play a dominant role, but they are regulated to some extent by the state in order to correct market failures, promote social welfare, conserve natural resources, fund defense and public safety or other rationale. In state capitalist systems, markets are relied upon the least, with the state relying heavily on state-owned enterprises or indirect economic planning to accumulate capital.

Competition arises when more than one producer is trying to sell the same or similar products to the same buyers. Adherents of the capitalist theory believe that competition leads to innovation and more affordable prices. Monopolies or cartels can develop, especially if there is no competition. A monopoly occurs when a firm has exclusivity over a market. Hence, the firm can engage in rent seeking behaviors such as limiting output and raising prices because it has no fear of competition.

Governments have implemented legislation for the purpose of preventing the creation of monopolies and cartels. In 1890, the Sherman Antitrust Act became the first legislation passed by the United States Congress to limit monopolies.

Wage labor
Wage labor, usually referred to as paid work, paid employment, or paid labor, refers to the socioeconomic relationship between a worker and an employer in which the worker sells their labor power under a formal or informal employment contract. These transactions usually occur in a labor market where wages or salaries are market-determined.

In exchange for the money paid as wages (usual for short-term work-contracts) or salaries (in permanent employment contracts), the work product generally becomes the undifferentiated property of the employer. A wage laborer is a person whose primary means of income is from the selling of their labor in this way.

Profit motive
The profit motive, in the theory of capitalism, is the desire to earn income in the form of profit. Stated differently, the reason for a business's existence is to turn a profit. The profit motive functions according to rational choice theory, or the theory that individuals tend to pursue what is in their own best interests. Accordingly, businesses seek to benefit themselves and/or their shareholders by maximizing profit.

In capitalist theoretics, the profit motive is said to ensure that resources are being allocated efficiently. For instance, Austrian economist Henry Hazlitt explains: "If there is no profit in making an article, it is a sign that the labor and capital devoted to its production are misdirected: the value of the resources that must be used up in making the article is greater than the value of the article itself".

Socialist theorists note that, unlike merchantilists, capitalists accumulate their profits while expecting their profit rates to remain the same. This causes problems as earnings in the rest of society do not increase in the same proportion.

Private property
The relationship between the state, its formal mechanisms, and capitalist societies has been debated in many fields of social and political theory, with active discussion since the 19th century. Hernando de Soto is a contemporary Peruvian economist who has argued that an important characteristic of capitalism is the functioning state protection of property rights in a formal property system where ownership and transactions are clearly recorded.

According to de Soto, this is the process by which physical assets are transformed into capital, which in turn may be used in many more ways and much more efficiently in the market economy. A number of Marxian economists have argued that the Enclosure Acts in England and similar legislation elsewhere were an integral part of capitalist primitive accumulation and that specific legal frameworks of private land ownership have been integral to the development of capitalism.

Private property rights are not absolute, as in many countries the state has the power to seize private property, typically for public use, under the powers of eminent domain.

Market competition
In capitalist economics, market competition is the rivalry among sellers trying to achieve such goals as increasing profits, market share and sales volume by varying the elements of the marketing mix: price, product, distribution and promotion. Merriam-Webster defines competition in business as "the effort of two or more parties acting independently to secure the business of a third party by offering the most favourable terms". It was described by Adam Smith in The Wealth of Nations (1776) and later economists as allocating productive resources to their most highly valued uses and encouraging efficiency. Smith and other classical economists before Antoine Augustine Cournot were referring to price and non-price rivalry among producers to sell their goods on best terms by bidding of buyers, not necessarily to a large number of sellers nor to a market in final equilibrium. Competition is widespread throughout the market process. It is a condition where "buyers tend to compete with other buyers, and sellers tend to compete with other sellers". In offering goods for exchange, buyers competitively bid to purchase specific quantities of specific goods which are available, or might be available if sellers were to choose to offer such goods. Similarly, sellers bid against other sellers in offering goods on the market, competing for the attention and exchange resources of buyers. Competition results from scarcity, as it is not possible to satisfy all conceivable human wants, and occurs as people try to meet the criteria being used to determine allocation.

In the works of Adam Smith, the idea of capitalism is made possible through competition which creates growth. Although capitalism has not entered mainstream economics at the time of Smith, it is vital to the construction of his ideal society. One of the foundational blocks of capitalism is competition. Smith believed that a prosperous society is one where "everyone should be free to enter and leave the market and change trades as often as he pleases." He believed that the freedom to act in one's self-interest is essential for the success of a capitalist society. In response to the idea that if all participants focus on their own goals, society's well-being will be water under the bridge, Smith maintains that despite the concerns of intellectuals, "global trends will hardly be altered if they refrain from pursuing their personal ends." He insisted that the actions of a few participants cannot alter the course of society. Instead, Smith maintained that they should focus on personal progress instead and that this will result in overall growth to the whole.

Competition between participants, "who are all endeavoring to justle one another out of employment, obliges every man to endeavor to execute his work" through competition towards growth.

Economic growth
Economic growth is a characteristic tendency of capitalist economies. However, capitalist economies may experience fluctuations in growth that cannot be accounted for by demographic or technological changes. These fluctuations, which involve sustained periods of economic growth and recession, are referred to as business cycles in macroeconomics. Economic growth is measured as growth in investment, economic output, and economic consumption per capita. Changes in hours of employment on their own are not considered as a factor of economic growth.

As a mode of production
The capitalist mode of production refers to the systems of organising production and distribution within capitalist societies. Private money-making in various forms (renting, banking, merchant trade, production for profit and so on) preceded the development of the capitalist mode of production as such.

The term capitalist mode of production is defined by private ownership of the means of production, extraction of surplus value by the owning class for the purpose of capital accumulation, wage-based labor and, at least as far as commodities are concerned, being market-based.

Capitalism in the form of money-making activity has existed in the shape of merchants and money-lenders who acted as intermediaries between consumers and producers engaging in simple commodity production (hence the reference to "merchant capitalism") since the beginnings of civilisation. What is specific about the "capitalist mode of production" is that most of the inputs and outputs of production are supplied through the market (i.e. they are commodities) and essentially all production is in this mode. By contrast, in flourishing feudalism most or all of the factors of production, including labor, are owned by the feudal ruling class outright and the products may also be consumed without a market of any kind, it is production for use within the feudal social unit and for limited trade. This has the important consequence that, under capitalism, the whole organisation of the production process is reshaped and re-organised to conform with economic rationality as bounded by capitalism, which is expressed in price relationships between inputs and outputs (wages, non-labor factor costs, sales and profits) rather than the larger rational context faced by society overall—that is, the whole process is organised and re-shaped in order to conform to "commercial logic". Essentially, capital accumulation comes to define economic rationality in capitalist production.

A society, region or nation is capitalist if the predominant source of incomes and products being distributed is capitalist activity, but even so this does not yet mean necessarily that the capitalist mode of production is dominant in that society.

Mixed economies rely on the nation they are in to provide some goods or services, while the free market produces and maintains the rest.

Role of government
Government agencies regulate the standards of service in many industries, such as airlines and broadcasting, as well as financing a wide range of programs. In addition, the government regulates the flow of capital and uses financial tools such as the interest rate to control such factors as inflation and unemployment.

Supply and demand
In capitalist economic structures, supply and demand is an economic model of price determination in a market. It postulates that in a perfectly competitive market, the unit price for a particular good will vary until it settles at a point where the quantity demanded by consumers (at the current price) will equal the quantity supplied by producers (at the current price), resulting in an economic equilibrium for price and quantity.

The "basic laws" of supply and demand, as described by David Besanko and Ronald Braeutigam, are the following four:
 * 1) If demand increases (demand curve shifts to the right) and supply remains unchanged, then a shortage occurs, leading to a higher equilibrium price.
 * 2) If demand decreases (demand curve shifts to the left) and supply remains unchanged, then a surplus occurs, leading to a lower equilibrium price.
 * 3) If demand remains unchanged and supply increases (supply curve shifts to the right), then a surplus occurs, leading to a lower equilibrium price.
 * 4) If demand remains unchanged and supply decreases (supply curve shifts to the left), then a shortage occurs, leading to a higher equilibrium price.

Supply schedule
A supply schedule is a table that shows the relationship between the price of a good and the quantity supplied.

Demand schedule
A demand schedule, depicted graphically as the demand curve, represents the amount of some goods that buyers are willing and able to purchase at various prices, assuming all determinants of demand other than the price of the good in question, such as income, tastes and preferences, the price of substitute goods and the price of complementary goods, remain the same. According to the law of demand, the demand curve is almost always represented as downward sloping, meaning that as price decreases, consumers will buy more of the good.

Just like the supply curves reflect marginal cost curves, demand curves are determined by marginal utility curves.

Equilibrium
In the context of supply and demand, economic equilibrium refers to a state where economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change. For example, in the standard text-book model of perfect competition equilibrium occurs at the point at which quantity demanded and quantity supplied are equal. Market equilibrium, in this case, refers to a condition where a market price is established through competition such that the amount of goods or services sought by buyers is equal to the amount of goods or services produced by sellers. This price is often called the competitive price or market clearing price and will tend not to change unless demand or supply changes.

Partial equilibrium
Partial equilibrium, as the name suggests, takes into consideration only a part of the market to attain equilibrium. Jain proposes (attributed to George Stigler): "A partial equilibrium is one which is based on only a restricted range of data, a standard example is price of a single product, the prices of all other products being held fixed during the analysis".

History
According to Hamid S. Hosseini, the "power of supply and demand" was discussed to some extent by several early Muslim scholars, such as fourteenth century Mamluk scholar Ibn Taymiyyah, who wrote: "If desire for goods increases while its availability decreases, its price rises. On the other hand, if availability of the good increases and the desire for it decreases, the price comes down".

John Locke's 1691 work Some Considerations on the Consequences of the Lowering of Interest and the Raising of the Value of Money includes an early and clear description of supply and demand and their relationship. In this description, demand is rent: "The price of any commodity rises or falls by the proportion of the number of buyer and sellers" and "that which regulates the price... [of goods] is nothing else but their quantity in proportion to their rent".

David Ricardo titled one chapter of his 1817 work Principles of Political Economy and Taxation "On the Influence of Demand and Supply on Price". In Principles of Political Economy and Taxation, Ricardo more rigorously laid down the idea of the assumptions that were used to build his ideas of supply and demand.

In his 1870 essay "On the Graphical Representation of Supply and Demand", Fleeming Jenkin in the course of "introduc[ing] the diagrammatic method into the English economic literature" published the first drawing of supply and demand curves therein, including comparative statics from a shift of supply or demand and application to the labor market. The model was further developed and popularized by Alfred Marshall in the 1890 textbook Principles of Economics.

Types
There are many variants of capitalism in existence that differ according to country and region. They vary in their institutional makeup and by their economic policies. The common features among all the different forms of capitalism are that they are predominantly based on the private ownership of the means of production and the production of goods and services for profit; the market-based allocation of resources; and the accumulation of capital.

They include advanced capitalism, corporate capitalism, finance capitalism, free-market capitalism, mercantilism, social capitalism, state capitalism and welfare capitalism. Other theoretical variants of capitalism include anarcho-capitalism, community capitalism, humanistic capitalism, neo-capitalism, state monopoly capitalism, and technocapitalism.

Advanced
Advanced capitalism is the situation that pertains to a society in which the capitalist model has been integrated and developed deeply and extensively for a prolonged period. Various writers identify Antonio Gramsci as an influential early theorist of advanced capitalism, even if he did not use the term himself. In his writings, Gramsci sought to explain how capitalism had adapted to avoid the revolutionary overthrow that had seemed inevitable in the 19th century. At the heart of his explanation was the decline of raw coercion as a tool of class power, replaced by use of civil society institutions to manipulate public ideology in the capitalists' favour.

Jürgen Habermas has been a major contributor to the analysis of advanced-capitalistic societies. Habermas observed four general features that characterise advanced capitalism:
 * 1) Concentration of industrial activity in a few large firms.
 * 2) Constant reliance on the state to stabilise the economic system.
 * 3) A formally democratic government that legitimises the activities of the state and dissipates opposition to the system.
 * 4) The use of nominal wage increases to pacify the most restless segments of the work force.

Corporate
Corporate capitalism is a free or mixed-market capitalist economy characterized by the dominance of hierarchical, bureaucratic corporations.

Finance
Finance capitalism is the subordination of processes of production to the accumulation of money profits in a financial system. In their critique of capitalism, Marxism and Leninism both emphasise the role of finance capital as the determining and ruling-class interest in capitalist society, particularly in the latter stages.

Rudolf Hilferding is credited with first bringing the term finance capitalism into prominence through Finance Capital, his 1910 study of the links between German trusts, banks and monopolies—a study subsumed by Vladimir Lenin into Imperialism, the Highest Stage of Capitalism (1917), his analysis of the imperialist relations of the great world powers. Lenin concluded that the banks at that time operated as "the chief nerve centres of the whole capitalist system of national economy". For the Comintern (founded in 1919), the phrase "dictatorship of finance capitalism" became a regular one.

Fernand Braudel would later point to two earlier periods when finance capitalism had emerged in human history—with the Genoese in the 16th century and with the Dutch in the 17th and 18th centuries—although at those points it developed from commercial capitalism. Giovanni Arrighi extended Braudel's analysis to suggest that a predominance of finance capitalism is a recurring, long-term phenomenon, whenever a previous phase of commercial/industrial capitalist expansion reaches a plateau.

Free market
A capitalist free-market economy is an economic system where prices for goods and services are set entirely by the forces of supply and demand and are expected, by its adherents, to reach their point of equilibrium without intervention by government policy. It typically entails support for highly competitive markets and private ownership of the means of production. Laissez-faire capitalism is a more extensive form of this free-market economy, but one in which the role of the state is limited to protecting property rights. In anarcho-capitalist theory, property rights are protected by private firms and market-generated law. According to anarcho-capitalists, this entails property rights without statutory law through market-generated tort, contract and property law, and self-sustaining private industry.

Fernand Braudel argued that free market exchange and capitalism are to some degree opposed; free market exchange involves transparent public transactions and a large number of equal competitors, while capitalism involves a small number of participants using their capital to control the market via private transactions, control of information, and limitation of competition.

Mercantile
Mercantilism is a nationalist form of early capitalism that came into existence approximately in the late 16th century. It is characterized by the intertwining of national business interests with state-interest and imperialism. Consequently, the state apparatus is used to advance national business interests abroad. An example of this is colonists living in America who were only allowed to trade with and purchase goods from their respective mother countries (e.g., United Kingdom, France and Portugal). Mercantilism was driven by the belief that the wealth of a nation is increased through a positive balance of trade with other nations—it corresponds to the phase of capitalist development sometimes called the primitive accumulation of capital.

Social
A social market economy is a free-market or mixed-market capitalist system, sometimes classified as a coordinated market economy, where government intervention in price formation is kept to a minimum, but the state provides significant services in areas such as social security, health care, unemployment benefits and the recognition of labor rights through national collective bargaining arrangements.

This model is prominent in Western and Northern European countries as well as Japan, albeit in slightly different configurations. The vast majority of enterprises are privately owned in this economic model.

Rhine capitalism is the contemporary model of capitalism and adaptation of the social market model that exists in continental Western Europe today.

State
State capitalism is a capitalist market economy dominated by state-owned enterprises, where the state enterprises are organized as commercial, profit-seeking businesses. The designation has been used broadly throughout the 20th century to designate a number of different economic forms, ranging from state-ownership in market economies to the command economies of the former Eastern Bloc. According to Aldo Musacchio, a professor at Harvard Business School, state capitalism is a system in which governments, whether democratic or autocratic, exercise a widespread influence on the economy either through direct ownership or various subsidies. Musacchio notes a number of differences between today's state capitalism and its predecessors. In his opinion, gone are the days when governments appointed bureaucrats to run companies: the world's largest state-owned enterprises are now traded on the public markets and kept in good health by large institutional investors. Contemporary state capitalism is associated with the East Asian model of capitalism, dirigisme and the economy of Norway. Alternatively, Merriam-Webster defines state capitalism as "an economic system in which private capitalism is modified by a varying degree of government ownership and control".

In Socialism: Utopian and Scientific, Friedrich Engels argued that state-owned enterprises would characterize the final stage of capitalism, consisting of ownership and management of large-scale production and communication by the bourgeois state. In his writings, Vladimir Lenin characterized the economy of Soviet Russia as state capitalist, believing state capitalism to be an early step toward the development of socialism.

Some economists and left-wing academics including Richard D. Wolff and Noam Chomsky, as well as many Marxist philosophers and revolutionaries such as Raya Dunayevskaya and C.L.R. James, argue that the economies of the former Soviet Union and Eastern Bloc represented a form of state capitalism because their internal organization within enterprises and the system of wage labor remained intact.

The term is not used by Austrian School economists to describe state ownership of the means of production. The economist Ludwig von Mises argued that the designation of state capitalism was a new label for the old labels of state socialism and planned economy and differed only in non-essentials from these earlier designations.

Welfare
Welfare capitalism is capitalism that includes social welfare policies. Today, welfare capitalism is most often associated with the models of capitalism found in Central Mainland and Northern Europe such as the Nordic model, social market economy and Rhine capitalism. In some cases, welfare capitalism exists within a mixed economy, but welfare states can and do exist independently of policies common to mixed economies such as state interventionism and extensive regulation.

A mixed economy is a largely market-based capitalist economy consisting of both private and public ownership of the means of production and economic interventionism through macroeconomic policies intended to correct market failures, reduce unemployment and keep inflation low. The degree of intervention in markets varies among different countries. Some mixed economies such as France under dirigisme also featured a degree of indirect economic planning over a largely capitalist-based economy.

Most modern capitalist economies are defined as mixed economies to some degree, however French economist Thomas Piketty state that capitalist economies might shift to a much more laissez-faire approach in the near future.

Eco-capitalism
Eco-capitalism, also known as "environmental capitalism" or (sometimes ) "green capitalism", is the view that capital exists in nature as "natural capital" (ecosystems that have ecological yield) on which all wealth depends. Therefore, governments should use market-based policy-instruments (such as a carbon tax) to resolve environmental problems.

The term "Blue Greens" is often applied to those who espouse eco-capitalism. Eco-capitalism can be thought of as the right-wing equivalent to Red Greens.

Sustainable capitalism
Sustainable capitalism is a conceptual form of capitalism based upon sustainable practices that seek to preserve humanity and the planet, while reducing externalities and bearing a resemblance of capitalist economic policy. A capitalistic economy must expand to survive and find new markets to support this expansion. Capitalist systems are often destructive to the environment as well as certain individuals without access to proper representation. However, sustainability provides quite the opposite; it implies not only a continuation, but a replenishing of resources. Sustainability is often thought of to be related to environmentalism, and sustainable capitalism applies sustainable principles to economic governance and social aspects of capitalism as well.

The importance of sustainable capitalism has been more recently recognized, but the concept is not new. Changes to the current economic model would have heavy social environmental and economic implications and require the efforts of individuals, as well as compliance of local, state and federal governments. Controversy surrounds the concept as it requires an increase in sustainable practices and a marked decrease in current consumptive behaviors.

This is a concept of capitalism described in Al Gore and David Blood's manifesto for the Generation Investment Management to describe a long-term political, economic and social structure which would mitigate current threats to the planet and society. According to their manifesto, sustainable capitalism would integrate the environmental, social and governance (ESG) aspects into risk assessment in attempt to limit externalities. Most of the ideas they list are related to economic changes, and social aspects, but strikingly few are explicitly related to any environmental policy change.

Capital accumulation
The accumulation of capital is the process of "making money" or growing an initial sum of money through investment in production. Capitalism is based on the accumulation of capital, whereby financial capital is invested in order to make a profit and then reinvested into further production in a continuous process of accumulation. In Marxian economic theory, this dynamic is called the law of value. Capital accumulation forms the basis of capitalism, where economic activity is structured around the accumulation of capital, defined as investment in order to realize a financial profit. In this context, "capital" is defined as money or a financial asset invested for the purpose of making more money (whether in the form of profit, rent, interest, royalties, capital gain or some other kind of return).

In mainstream economics, accounting and Marxian economics, capital accumulation is often equated with investment of profit income or savings, especially in real capital goods. The concentration and centralisation of capital are two of the results of such accumulation. In modern macroeconomics and econometrics, the phrase "capital formation" is often used in preference to "accumulation", though the United Nations Conference on Trade and Development (UNCTAD) refers nowadays to "accumulation". The term "accumulation" is occasionally used in national accounts.

Wage labor
Wage labor refers to the sale of labor under a formal or informal employment contract to an employer. These transactions usually occur in a labor market where wages are market determined. In Marxist economics, these owners of the means of production and suppliers of capital are generally called capitalists. The description of the role of the capitalist has shifted, first referring to a useless intermediary between producers, then to an employer of producers, and finally to the owners of the means of production. Labor includes all physical and mental human resources, including entrepreneurial capacity and management skills, which are required to produce products and services. Production is the act of making goods or services by applying labor power.

Criticism
Criticism of capitalism comes from various political and philosophical approaches, including anarchist, socialist, religious and nationalist viewpoints. Of those who oppose it or want to modify it, some believe that capitalism should be removed through revolution while others believe that it should be changed slowly through political reforms.

Prominent critiques of capitalism allege that it is inherently exploitative, alienating, unstable,  unsustainable,  and economically inefficient  —and that it creates massive economic inequality, commodifies people,  degrades the environment, is undemocratic,  embeds uneven and underdevelopment between nation states,     and leads to an erosion of human rights because of its incentivization of imperialist expansion and war.

Other critics argue that such inequities are not due to the ethic-neutral construct of the economic system commonly known as capitalism, but to the ethics of those who shape and execute the system. For example, some contend that Milton Friedman's (human) ethic of 'maximizing shareholder value' creates a harmful form of capitalism, while a Millard Fuller or John Bogle (human) ethic of 'enough' creates a sustainable form. Equitable ethics and unified ethical decision-making is theorized to create a less damaging form of capitalism.

title: Capitalism