"Capitalism" and "Capitalist" as terms, were popularized by Collectivist German Political Theorist, Political Economist, and Sociologist, Karl Marx as pejoratives demonizing the "Haves" in his secular prophecy; a dichotomous and inevitable struggle with the "Have Nots".
In Real Economics, Capitalism is synonymous with a "Free Market"; that is free from interference except to establish voluntary market conditions which necessarily exclude both "Positive Rights" and "Caste Systems".
Laissez Faire: From the phrase "laissez faire et laissez passer": Literally Substantively "let (people) do (as they think best); chosen to express the ideal of government non-interference in business and industry; the motto of a certain 18 Century French School of Economists known as the Physiocrats
Capitalism necessitates, Private Ownership/Property Rights, Individual Sovereignty/Self Ownership, and Rule of Law, using Supply and Demand, the Price System, functioning over time with the general principle of Kondratiev Waves; although significantly irregular.Adam Smith: The eighteenth-century Scottish economist popularized the term "Laissez Faire" ['Leave/Allow, to do'; more colloquially: 'Let them get on with it'] in his book "The Wealth of Nations" in which he describes the "Invisible Hand" that provides for the maximum good for all, if businessmen are free to pursue there own profitable opportunities as they see fit.
Capitalism creates a meritocratic class mobility system; No system being able to abolish classes, those trying inevitably becoming dictators/oligarchs thus making up a very small tyrannical upper class overseeing a vast underclass still itself made unequal in its poverty by inevitable black markets.
Capitalism is distinguished from Communism, Socialism, Keynesian-ism, and Corporatism by minimal Govt. interference in the Free Market; A Free Market's Principal Freedoms being FROM Govt. Interference, and criminals' theft.
'Capitalist' as a pejorative; usually denotes today someone who has broken from the necessities of Capitalism into criminality or corporatism; an Economic Alinsky-ite with a motto of 'any means necessary' [to gain wealth] OR one who has been demonized for their success, often hypocritically by other "Haves" who contribute far less of a percentage in charity.
Capitalism is closest to a purely economic system; although it requires Govt. it does so only for Civic Equality, Equal Justice, and Govt.'s own limitation.
'Equal Justice' should not be confused with any of the Orwellian terms used by socialists and progressives, It is juxtaposed to 'Disparate Treatment' (or so called 'Social Justice' - forced redistribution of wealth with a hostility towards individual property).The U.S.A. deviates [functionally; not necessarily criminally] from Capitalism by...
Minimum Wage [an idiotic national standard where costs of living VARY State by State, District by district],
Black Market Labor, [Artificial underclass created by negligently open borders and minimum wage law]
Corporatism; defined loosly as any regulation of industry outside of the criminalization of fraud, or standardization of interstate commerce, [the original constitutional meaning of 'Regulate'],
Keynesian Income Redistribution: encompassing Welfare and Entitlements, as well as 'Corporate Welfare' in the form of Bail Outs or Stimulus. Also Quantitative Easing [Printing and or Digitizing Money], and spending on Inferstructure [Valid, Wasteful, or Useless Bridges and Airports To Nowhere]. Subsidies, and 'Positive Rights' in general, etc
The Federal Reserve; [unaccountable non-govt/non-private]Central Banking, Unbacked Paper Currency, [other complicated machinery like purchasing national debt]
and Antitrust and Monopoly Laws.
Trickle Down Economics
The Long Depression, The Depression of 1920
The Great Depression, and The Great Recession
William Kurt [Hauser's Law]
|Human Action: |
A Treatise on
Ludwig von Mises
|Wealth of Nations |
by Adam Smith
|Free To Choose |
by Milton And
|Theory of Moral Sentiments|
Use of Knowledge In Society by F.A. Hayek (1945)
Published 1945 with 2011 Synopsis/Commentary by Asderathos
The Piety Myth: and the Law of Unintended Consequences; Intentions for a policy bare no relation to the effects of the policy
The Greed Myth: Selfishness vs Self Interest; Ayn Rand vs Adam Smith
Synopsis: How to Argue Against Socialism and Defend Capitalism by Aaron Clarey
[Part 1] Merit-Philosophy and Law-Perspective (N-Korea and Cuba)
[Part 2] Methodology of the Opposition and Empirical EvidenceUSA vs USSR, Cayman/Bermuda vs Cuba, Ireland vs Europe,
Hong Kong vs China, East vs West Germany, North Vs South Korea
[Part 3] Logic and Fact vs Illogic and EmotionalismHiroshima Nagasaki Atomic Bombings Example of Logic
and the St. Republicans
[Part 4, 5, and 6 of 14 parts] Data Mining, Economy of Argument, Socialist Belief, and Leftist Tactics
Scape-Goating and Gaia Crying
The Question of Monopolies by Nathaniel Branden
This essay was originally published in “The Objectivist Newsletter” June 1962.
The Parable of Pizza on the Train via Stu & Pat
The Parable of Pizza on the Train via Stu & Pat