I understand your definition of capitalism, James. Thanks for clarifying. There are three major definitions. capitalism (Mises/Rothbard, positive def) - an economic system characterized by free markets and sticky private property. capitalism (“actually existing capitalism”) - the mixed economy system prevalent in developed countries today. capitalism (Hodgskin/Marx, negative def) - an economic system characterized by collusion between the State and favored capitalists. Then there is my super-inclusive definition designed to include both the Rothbardian and Marxian notions. capitalism (legalistic def) - an economic system characterized by de jure private property, whether or not it is controlled by the State. With this last, we can talk unambiguously about libertarian capitalism (the Rothbardian def) or statist capitalism (the Marxian def.) BTW anarcho-capitalists rarely if ever use “capitalism” to mean the current mixed economy, which we consider to be part fascist (statist capitalist,) part statist socialist (the State owned industries,) with a remnant of capitalism (mainly the counter-economy.) Using “capitalism” as you do to mean the existing system is dangerous, since you must avoid the infamous zaxlebax problem. Long quote by Roderick Long follows: === Suppose I were to invent a new word, zaxlebax, and define it as a metallic sphere, like the Washington Monument. Thats the definition — a metallic sphere, like the Washington Monument. In short, I build my ill-chosen example into the definition. Now some linguistic subgroup might start using the term zaxlebax as though it just meant metallic sphere, or as though it just meant something of the same kind as the Washington Monument. And thats fine. But my definition incorporates both, and thus conceals the false assumption that the Washington Monument is a metallic sphere; any attempt to use the term zaxlebax, meaning what I mean by it, involves the user in this false assumption. Thats what Rand means by a package-deal term. Now I think the word capitalism, if used with the meaning most people give it, is a package-deal term. By capitalism most people mean neither the free market simpliciter nor the prevailing neomercantilist system simpliciter. Rather, what most people mean by capitalism is this free-market system that currently prevails in the western world. In short, the term capitalism as generally used conceals an assumption that the prevailing system is a free market. And since the prevailing system is in fact one of government favoritism toward business, the ordinary use of the term carries with it the assumption that the free market is government favoritism toward business. - https://mises.org/library/rothbards-left-and-right-forty-years-later
Posted on: Sat, 27 Dec 2014 18:16:42 +0000
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