This is a prequel to “Socialism, Communism, and Three Paradoxes” and “Communism vs. ‘Communism’”.
Dyspepsia Generation points to a piece at reason.com, which explains that capitalism is a Marxist coinage. In fact, “capitalism”
is what the Dutch call a geuzennaam—a word assigned by one’s sneering enemies, such as Quaker or Tory or Whig, but later adopted proudly by the victims themselves.
I have long viewed it that way. "Capitalism” conjures the greedy, coupon-clipping, fat-cat of Monopoly:
Thus did a board-game that vaulted to popularity during the Great Depression signify the identification of “capitalism” with another “bad thing”: monopoly. And, more recently, “capitalism” has been conjoined with yet another “bad thing”: income inequality.
In fact, “capitalism”
is a misnomer for the system of free markets that could deliver abundant prosperity and happiness, were markets left free. Free does not mean unfettered; competition for the favor of consumers exerts strong discipline on markets. And laws against theft, deception, and fraud would serve amply to keep markets honest, the worrying classes to the contrary notwithstanding.
What the defenders of (true) capitalism are defending — or should be — is voluntary, market-based exchange. It doesn’t roll off the tongue, but that’s no excuse for continuing to use a Marxist smear-word for the best of all possible economic systems.