"Why 'capitalism'? Words have an unfortunate tendency to confuse. Free market capitalism is not really about capital, it is about handing control of the economy from the top to billions of independent consumers, entrepreneurs and workers, and allowing them to make their own decisions about what they think will improve their lives. So careless talk about 'taking control of capitalism' actually means that governments take control of citizens.
"But it doesn't sound like it, does it? One of my intellectual heroes, Deirdre McCloskey, complains that the word capitalism gives the misleading impression that it is about the rule of capital, rather than liberating people to make their own economic decisions, which is really what the free market is about: 'Capitalism' is a scientific mistake compressed into a single word, a dramatically misleading coinage by our enemies, and still used by the sadly misled among out friends.' So why do I use it? Because, no matter what we think of it, and no matter which word we would prefer for a system of private property and free markets, this is the word that has become inextricably linked to it, and if its supporters don't fill that word with meaning, its opponents will."
--Johan Norberg, The Capitalist Manifesto, 2023
1 comment:
I've always understood capitalism to mean the private ownership of the means of production, and nothing more. I have found that most people who denigrate capitalism are conflating it with political corruption and cronyism.
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