Saturday, March 06, 2010

Capitalism versus the Free Market, cont'd

This post by Chris Sciabarra from 2005 is well worth reading (again).

I like this quote from Hayek from Capitalism and the Historians:
In many ways it is misleading to speak of "capitalism" as though this had been a new and altogether different system which suddenly came into being toward the end of the eighteenth century; we use this term here because it is the most familiar name, but only with great reluctance, since with its modern connotations it is itself largely a creation of that socialist interpretation of economic history with which we are concerned.
I also recommend Kevin Carson's comment on Chris's post.

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