bhaskar sunkara is the founder editor of publisher of jacobin. [applause] we're going to begin by trying to define our terms. the first question, which is going to start with reason, what is capitalism? >> thank you very much, michelle. thank you very much to jacobin for organizing this debate. when they reached out to us, we thought this is going to be a delightful time. i hope you enjoy your time is much as we do. let's get it out the way. capitalism is a system that doesn't have any answers. it does not seek to impose answers to the question what should we produce, how should we produce it, who gets the stuff we produce? that kind of sounds like garbage. i will try to get little more nitty-gritty also in my answer. what that means in practice is that property is largely privately owned. it means that profit provides incentive for production, it means employment is at will. the government role in the economy should be limited and forth of the supply and demand in a free market, while imperfect, are the most efficient means of providing the for