What is capitalism
A social–economic system: a way of organising production and distributing goods/services in society
Why is “production” central in economics?
Human life depends on production; production is the “continuity” through which we solve human needs.
When did capitalism emerge?
Late 18th century, linked to the Industrial Revolution.
Why do we say capitalism relies on markets?
Markets are a main way of allocating products/resources (prices coordinate production + consumption).
“All economic systems are also social systems” means what?
Economy and society are intertwined; you can’t change one without affecting the other.
Define system
A set of interacting elements with structure; changes in one part affect others.
Key system features
Inputs/outputs, process/rules, dynamic/evolving, balance, and a goal.
What are “inputs/outputs” in systems thinking?
Inputs enter a system (resources/info); outputs are results (products, behaviours, effects).
What does it mean that systems are “dynamic”?
They evolve over time; feedback + interactions cause change
Why “look through the image” (economy/health/ecology behind it)?
Any visible outcome has hidden system drivers across domains (economic incentives, health impacts, ecological effects).
Systems shape habits—why does that matter?
Individual behaviour often reflects the system context (incentives, access, norms), not just “personal choice.”
Can systems be changed?
Yes—systems are human-made and can be redesigned even if they “seem” to run on their own.
Why can system rules conflict with morality?
Systems optimise for priorities/goals that may not include everyone’s needs or ethical concerns.
Why does “no system works perfectly for everyone” matter?
Because every system has trade-offs and priorities; some groups benefit more than others
Backfire effect (in your notes context)
When actions aimed at improvement create unintended negative consequences (system goal conflicts).
Define ideology
A lens that shapes perception by directing attention; can present “one side” or make trade-offs invisible.
How can ideology “manipulate attention”?
It highlights some facts and hides others to steer what you think is “normal” or “real.”
What is “normality” in systems thinking?
Systems create norms that feel natural; they shape what people accept as “how things are.”
Normality in capitalism
Competition is normal; also incentives push for more selling / things not lasting (more opportunities to buy)
Stakeholderism
Shift from only maximising shareholder profit to considering wider stakeholders (even if consumers have limited direct “say”)
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Financial Bubbles11
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Session 01: Systemic & Critical Thinking20
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Session 02: Systemic Thinking22
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Session 03: Systemic Thinking35
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Session 04: Systemic Thinking26
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Session 05: Systemic Thinking9
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Session 06: Systemic Thinking20
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Session 07: Systemic Thinking8
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Session 08: Systemic Thinking19
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Session 09: Systemic Thinking8
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Session 10: Systemic Thinking16
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Readings & Authours9
