Definitions

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Capitalism: An economic system based on private ownership of the means necesary to create and produce goods or services for profit. It prioritizes competition, the accumulation of resources, and the notion that people ought to earn a living through wage labour. Capitalist values have become most common around the world, and have been used to organize our societies in ways previously unheard of. Capitalism does not inherently seek equality between all people, but its proponents often makes unevidenced claims that it is the most effective route to prosperity.

Deregulation: The reduction of government oversight of businssnes/industry/corporations previously put into place through written law and judicial decisions to protect citizens and/or responsibly manage shared national resources.

Neoliberalism:  A political project designed to restore power to elites by concentrating it within fewer and fewer hands. The latest phase of global capitalism involving corporations claiming control of global assets (including people and natural resources) in effort to in a grow as many opportunities for profit as possible.

Privatisation: The process of transferring ownership of a business, enterprise, agency, public service or public property from the public sector (a citizen owned entity managed by government) to the private sector, either to a for-profit corporation or to a non-profit organization, the latter being far less common. The term can also mean government outsourcing services or functions to private corporations such as revenue collection, law enforcement, and/or prison management. Privatisation is initiated for different reasons. For example, when a government goes into debt and is obliged to sell resources. A government may also privatise with a short-term plan to reduce operating costs, often resulting in the loss of well paying jobs and, eventually, increased costs due to rising demand for profitability. Privatisation takes infrastructure away from the citizens who paid for it through their taxes, and it takes away resources that citizens should have the right to protect for future generations.

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