Capitalism Revisited

Karl Marx (1818 – 1883)

Image via Wikipedia

Charles Johnson has written a very thought provoking post. He notes that in the many kinds of discussion and argument about capitalism, people use different definitions for the word “capitalism”, causing no end of confusion and misunderstanding. But two definitions are especially interesting: when saying “capitalism”, do you mean free enterprise or do you mean a pro-business political economy, that is, ” active government support for big businesses through instruments such as government-granted monopolies, subsidies, central banking, tax-funded infrastructure, “development” grants and loans, Kelo-style for-profit eminent domain, bail-outs, etc.”  The other definitions are, I think, are of much less interest.

The question of a pro-business political economy raises all kinds of interesting questions, most of which I’m not ready to write about. The important point is this: when anyone writes or talks about capitalism, you can’t quite be sure of what they mean!

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