“Capitalism” Is a Dirty Word

Posted on December 27, 2017 by Loquitur Veritatem

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 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.

One thought on ““Capitalism” Is a Dirty Word”

S.K. says:

on December 28, 2017 at 2:09 am

Agree on the provenance and usage of the word “capitalism,” and thanks for the introduction to “geuzennaam.” The class designations — upper class (or “elite”), upper-middle class, middle class, working class, etc. — are also Marxist concepts.

Not a fan of their ubiquity in American political discourse.

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Politics and Prosperity

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“Capitalism” Is a Dirty Word

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