Look, do us all a favor and quit using words that no longer really mean anything. If it has not occurred to you yet, let me clue you in: Capitalism is one of those words. I am not the first person to opine about this. Fred Foldvary has a nice little piece about about abuse of the term and its cognates.
The term is often applied to a system of economics that incorporates private ownership of goods and reliance on markets. But, of course, private ownership of personalty and use of markets for the trading of same have existed since the advent of of the first surplusage Homo sapiens stumbled into. Capitalism in this sense isn’t new, it isn’t recent, it isn’t the reason the “West is best”, and it certainly is no reason for Harvard dons to get excited (unless they are celebrating over the size of their checks thanks to the Scaifs).
The combination of these two elements, instability and inequity, with mankind’s natural proclivity for violence as population increases, result in a a variety of systems that have been invariably disastrous. And these two problems have only been modestly ameliorated through the advent of the “state” or other less comprehensive paradigms for making distribution equitable.
Some argue that the globe is richer for “capitalism”. But the essence of what people mean when they talk about “capitalism” boils down to thievery. It is almost laughable that libertarians talk about taxes as thievery when the very essence of the concept of property is the idea that one has the “right” by virtue of some supreme dictate, to seize that which is not yours. Imagine the Libertarian at the Bar: “Your Honor, I only took that bike because it was not being used and I therefore had to right to make the bike mine in order to make use of it….” Indeed.
The financial madness we are being swallowed by today is the result of the attenuation of relations among the parties to transactions, and to the abstraction of what is actually being traded. “Moral Sentiment” has been left to twist in the wind, and one is regularly confronted with a litmus test that still seeks to shame those who refuse to be identified as “capitalists”, whatever that might mean.
And, of course, there are those, having amassed billions by drawing the life force from others (the real vampyres of our age), who use the latest advances of Social Psychology to convince the droolers and knuckledraggers that if we dispose of any attempt to shackle this juggernaut that everyone will be rich.
It is high time to either take back ownership of the term from the Geckos, or to abandon it completely as just more of the wreckage left by our march to oblivion.