Thursday 18 December 2008

'Capitalism' it Ain't

The word coined by (I think) Adam Smith to describe our politico/economic 'system' - capitalism - is, I also think, inadequate. It has been much maligned and misused by the enemies of 'capitalism' as if it were a 'system' created by man, in the manner of Socialism, and was therefore capable of being confounded by argument, as any idea might be. 'Capitalism' is not an -ism, and it is not a system, and it is definitely not anybody's idea. It is just a vast ant hill of individuals making it happen between them, in peace.
I have tried to find a word or phrase to describe this wonderful accidental arrangement more accurately than the single word 'capitalism'. Here follows my most recent iteration:

"Anglo Saxon Libertarian Democratic Judeo Christian free market capitalism all operating under English Common Law with thrift, responsibility and compassion"

That's as good as I can get at the moment, but it is a work in progress.

5 comments:

Mark Wadsworth said...

You can delete this lot "Anglo Saxon Libertarian Democratic Judeo Christian" for a start.

People started specialising thousands of years before that, and what's the point of specialising if you can't barter? And what's barter if not trade, i.e. free trade etc.

Lola said...

MW - Fair enough on early specialisation - but I was trying to find a description for our brand of capitalism.

Mark Wadsworth said...

It doesn't actually need a brand, it's just something that people do, like 'breathing' or 'forming relationships' or 'dying'.

AntiCitizenOne said...

Free exchange of time.

Lola said...

All right all right both of you -it was just an attempt....