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Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. The defining characteristics of capitalism include private property, capital accumulation, competitive markets, price systems, recognition of property rights, self-interest, economic freedom, work ethic, consumer sovereignty, economic efficiency, decentralized decision-making, profit motive, a financial infrastructure of money and investment that makes possible credit and debt, entrepreneurship, commodification, voluntary exchange, wage labor, production of commodities and services, and a strong emphasis on innovation and economic growth. 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.
In economics, a free market is an economic system in which the prices of goods and services are determined by supply and demand expressed by sellers and buyers. Such markets, as modeled, operate without the intervention of government or any other external authority. Proponents of the free market as a normative ideal contrast it with a regulated market, in which a government intervenes in supply and demand by means of various methods such as taxes or regulations. In an idealized free market economy, prices for goods and services are set solely by the bids and offers of the participants.
Intellectual property (IP) is a category of property that includes intangible creations of the human intellect. There are many types of intellectual property, and some countries recognize more than others. The best-known types are patents, copyrights, trademarks, and trade secrets. The modern concept of intellectual property developed in England in the 17th and 18th centuries. The term "intellectual property" began to be used in the 19th century, though it was not until the late 20th century that intellectual property became commonplace in most of the world's legal systems.
Monopoly is a multiplayer economics-themed board game. In the game, players roll two dice to move around the game board, buying and trading properties and developing them with houses and hotels. Players collect rent from their opponents and aim to drive them into bankruptcy. Money can also be gained or lost through Chance and Community Chest cards and tax squares. Players receive a salary every time they pass "Go" and can end up in jail, from which they cannot move until they have met one of three conditions. House rules, hundreds of different editions, many spin-offs, and related media exist.
A natural monopoly is a monopoly in an industry in which high infrastructural costs and other barriers to entry relative to the size of the market give the largest supplier in an industry, often the first supplier in a market, an overwhelming advantage over potential competitors. Specifically, an industry is a natural monopoly if the total cost of one firm, producing the total output, is lower than the total cost of two or more firms producing the entire production. In that case, it is very probable that a company (monopoly) or minimal number of companies (oligopoly) will form, providing all or most relevant products and/or services. This frequently occurs in industries where capital costs predominate, creating large economies of scale about the size of the market; examples include public utilities such as water services, electricity, telecommunications, mail, etc. Natural monopolies were recognized as potential sources of market failure as early as the 19th century; John Stuart Mill advocated government regulation to make them serve the public good.
A state is a political entity that regulates society and the population within a territory. Government is considered to form the fundamental apparatus of contemporary states.
The history of copyright starts with early privileges and monopolies granted to printers of books. The British Statute of Anne 1710, full title "An Act for the Encouragement of Learning, by vesting the Copies of Printed Books in the Authors or purchasers of such Copies, during the Times therein mentioned", was the first copyright statute. Initially copyright law only applied to the copying of books. Over time other uses such as translations and derivative works were made subject to copyright and copyright now covers a wide range of works, including maps, performances, paintings, photographs, sound recordings, motion pictures and computer programs.
In political philosophy, a monopoly on violence or monopoly on the legal use of force is the property of a polity that is the only entity in its jurisdiction to legitimately use force, and thus the supreme authority of that area.
Deere & Company, doing business as John Deere, is an American corporation that manufactures agricultural machinery, heavy equipment, forestry machinery, diesel engines, drivetrains used in heavy equipment and lawn care equipment. It also provides financial services and other related activities.
Competition law is the field of law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies. Competition law is implemented through public and private enforcement. It is also known as antitrust law, anti-monopoly law, and trade practices law; the act of pushing for antitrust measures or attacking monopolistic companies is commonly known as trust busting.
A public service or service of general (economic) interest is any service intended to address specific needs pertaining to the aggregate members of a community, whether provided directly by a public sector agency, via public financing available to private businesses or voluntary organisations, or provided by private businesses subject to a high level of government regulation. Some public services are provided on behalf of a government's residents or in the interest of its citizens. The term is associated with a social consensus that certain services should be available to all, regardless of income, physical ability or mental acuity. Examples of such services include the fire services, police, air force, paramedics and public service broadcasting.
In economics, a government monopoly or public monopoly is a form of coercive monopoly in which a government agency or government corporation is the sole provider of a particular good or service and competition is prohibited by law. It is a monopoly created, owned, and operated by the government. It is usually distinguished from a government-granted monopoly, where the government grants a monopoly to a private individual or company.
The Satellite and Cable Directive, formally the Council Directive 93/83/EEC of 27 September 1993 on the coordination of certain rules concerning copyright and rights related to copyright applicable to satellite broadcasting and cable retransmission, is a European Union directive that governs the application of copyright and related rights to satellite and cable television in the European Union. It was made under the internal market provisions of the Treaty of Rome.
Wilbur-Ellis Co. v. Kuther, 377 U.S. 422 (1964), is a United States Supreme Court decision that extended the repair-reconstruction doctrine of Aro Mfg. Co. v. Convertible Top Replacement Co. to enhancement of function.
Aro Manufacturing Co. v. Convertible Top Replacement Co., 365 U.S. 336 (1961), is a United States Supreme Court case in which the Court redefined the U.S. patent law doctrine of repair and reconstruction. The decision is sometimes referred to as Aro I because several years later the Supreme Court readdressed the same issues in a second case in 1964 involving the same parties—Aro II.
In economics, a government-granted monopoly is a form of coercive monopoly by which a government grants exclusive privilege to a private individual or firm to be the sole provider of a good or service; potential competitors are excluded from the market by law, regulation, or other mechanisms of government enforcement. As a form of coercive monopoly, government-granted monopoly is contrasted with an unregulated monopoly, wherein there is no competition but it is not forcibly excluded.
Eastman Kodak Co. v. Image Technical Servs., Inc., 504 U.S. 451 (1992), is a 1992 Supreme Court decision in which the Court held that even though an equipment manufacturer lacked significant market power in the primary market for its equipment—copier-duplicators and other imaging equipment—nonetheless, it could have sufficient market power in the secondary aftermarket for repair parts to be liable under the antitrust laws for its exclusionary conduct in the aftermarket. The reason was that it was possible that, once customers were committed to the particular brand by having purchased a unit, they were "locked in" and no longer had any realistic alternative to turn to for repair parts.
The Ewiger Landfriede of 1495, passed by Maximilian I, German king and emperor of the Holy Roman Empire, was the definitive and everlasting ban on the medieval right of vendetta (Fehderecht). In fact, despite being officially outlawed, feuds continued in the territory of the empire until well into the 16th century.
Economic democracy is a socioeconomic philosophy that proposes to shift ownership and decision-making power from corporate shareholders and corporate managers to a larger group of public stakeholders that includes workers, consumers, suppliers, communities and the broader public. No single definition or approach encompasses economic democracy, but most proponents claim that modern property relations externalize costs, subordinate the general well-being to private profit and deny the polity a democratic voice in economic policy decisions. In addition to these moral concerns, economic democracy makes practical claims, such as that it can compensate for capitalism's inherent effective demand gap.
Right to repair is a legal right for owners of devices and equipment to freely modify and repair products such as automobiles, electronics, and farm equipment. Right to repair may also refer to the social movement of citizens putting pressure on their governments to enact laws protecting a right to repair.
References
- ↑ Galaz, Victor. Dark Machines: How Artificial Intelligence, Digitalization and Automation is Changing our Living Planet. Taylor & Francis. ISBN 978-1-040-26223-8.
- ↑ Perzanowski, Aaron (8 February 2022). The Right to Repair: Reclaiming the Things We Own. Cambridge University Press. ISBN 978-1-108-94382-6.
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