Capitalism — A Definition
Since we are talking about Capitalism, I think it is worth asking the question: what is capitalism? First of all, I think it is worthy of note that Marx, a long discredited economist, coined the terms “capitalism” while framing the debate that it was “bad”. Before that, it was simply liberty applied. So what then IS capitalism? I prefer this definition: The ability to freely associate for mutual benefit. Period.
But of course, we do not have capitalism in this Country. We live in a Mercantilist system. Alas, it is too easy to use the derisive term coined by someone whose thinking was in error and paint it as the modern day boogey man and then lock it in a closet.
J: Thanks for getting that out there. I like your definition.
FWIW: Google’s got a whole bunch of definitions:
http://tinyurl.com/4y4ew
…and though these are (literally) all over the map, I note with interest that the words “open,” “free,” “individual,” “voluntary,” and “cooperation” occur throughout.
To me, capitalism — a system that maximizes these qualities — that’s what we’re striving for.
PS: Oh yeah, one more thing — I also Googled “Mercantilism”
http://tinyurl.com/55w67
Here’s a real simple one: Mercantilism is
“the doctrine that the economic interests of a nation can be strengthened by tariffs, increased foreign trade, monopolies, and by a balance of exports over imports”
and a more thorough one:
“The theories of some sixteenth and seventeenth century writers based on the belief that the gain of one man or one nation must represent the loss of another and that the precious metals were always the most desirable form of wealth. In an attempt to increase a nation’s wealth, they advocated the national regulation of foreign trade in a manner they thought would increase merchandise exports and hamper merchandise imports, thus creating an inflow of the precious metals. This is still called a “favorable balance of trade.” The nineteenth and twentieth century advocates of such policies are called neo-mercantilists.”
I like that one of the tenets of Mercantilism is the bogus notion that trade is a “zero sum game.” If you start from that place, you’re really going to end up with some screwy policies.