
Free Markets and Liberty: Many terms used to describe Capitalism as an economic system are incorrect
Capitalism is not, as its defenders like to claim, defined by “free” or “private” enterprises. Likewise, “free” or “unregulated” markets do not define capitalism. Politics and ideology drive its defenders to choose those definitions over clearly better, different definitions. The causes and consequences of conflicts over definition are part of today’s mounting battles over capitalism. The task of any definition is to separate its object from others, to expose its uniqueness so all can recognize it and distinguish it from other, similar objects. We define “dog” to differentiate it from other animals, “chair” from other furniture, and “Mary” from...
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