Let's Get Rid of "Capitalism"

I mean the word, not the system !

The word, "capitalism" has two major disadvantages in the public debate on the terms of economic life. First, "capitalism" derives from "capital" meaning invested money. So the use of "capitalism" implies a focus on money, more pejoratively, a worship of money and money values as the basis of the system. Compared to "socialism" with its suggestions of pleasant social activity (e. g. , the ice cream social) and group values, the term "capitalism" hurts our system at the very start of political debate.

Second, the word simply is inadequate. My Concise Oxford Dictionary defines "capitalism" as "1.a. an economic system in which the production and distribution of goods depend on invested private capital and profit-making; b. the possession of capital and wealth; 2. (Political) the dominance of private owners of capital and production for profit." Nowhere do I see the most important part of our economic system, viz. "freedom". Major parts of the economy are left out - a) the entire service sector, b) the free movement of labor, c) the free movement of knowledge, and d) private property whether real, tangible, or intangible other than money.

Overall, the word lets Marxist theory define the initial conditions of debate over how economic life should be structured. Marx's seminal work was "Das Kapital" so using the word, "capitalism", starts the debate in an poor place - money - instead of with freedom. This hurts our side.

So with what do we replace it ? I wish I knew Greek, so I could create a word from Greek roots as they often seem elegant. The crucial factors in our economic system are freedom and private property. Everything else follows.

For now, I am stuck with the clumsy, "free, private enterprise system".

More

We also need a new word to describe the current economic activity, as recession, inflation, and stagflation don't fit. There is a slowdown caused by major adjustments in the credit markets and energy markets. There are sector prices in energy and some food, but not general price rises. So we have "Adjustion" - an economy going through painful adjustments in some sectors not enough to cause recession. I like "Adjustion" as it is slightly reminiscent of the digestive system ... indigestion ... some pain caused by rich or excessive food.

"Adjustion" is it.

Word of the Day

"Mulct" - verb, transitive [$10] and noun; the "u" is short as in "cut"
Mulct means (verb) 1. extract money from by fine or taxation; 2a. (often followed by "of") deprive by fraudulent means, swindle; 2b. obtain by swindling; (noun) a fine.
Sentence: Obama's core principle seems to be to mulct people earning high incomes, regardless of whether they are young entrepreneurs starting accumulate wealth or overpaid CEOs. Of course his wealthy backers with their money invested in muncipal bonds will pay nothing extra.