The meaning of words do matter in any productive discussion, so, what is the meaning of “capitalism”.
cap·i·tal:… wealth in the form of money or other assets owned by a person or organization or available or contributed for a particular purpose such as starting a company or investing.
ism:… a productive suffix in the formation of nouns denoting action or practice, state or condition, principles, doctrines, a usage or characteristic, devotion or adherence, etc.
To be accurate, the significant feature of capitalism is therefore the investment of capital to achieve an anticipated profit and/or goal.
By contrast, a free market or free enterprise’s primary characteristics are: people being left free to pursue their own economic interests, and with the least government intrusion, and left free to mutually agree in their contracts and associations.
In a recent interview, Presidential candidate Pete Buttigieg warned that “democratic capitalism” is “slipping away” from the U.S.
“America is a capitalist society. But it’s got to be democratic capitalism. And that part’s really important. And it’s slipping away from us. In other words, when capitalism comes into tension with democracy, which is more important to you? I believe democracy is more important,” he said.
What Buttigieg is promoting when he refers to “democratic capitalism” is, folks in government spending ___ or “investing” as they put it ___ federal revenue to advance government’s dictatorial goals. This type of capitalism gave us Obama’s green energy money laundering operation, Fannie Mae and Freddie Mac, Enron, our student loan crisis, and many other taxpayer financed disasters.
Capitalism has also produced thieves like Bernard Madoff, countless pyramid schemes, the pillaging Trusts of the early 1900s, and destructive monopolies.
By contrast, a judiciously regulated free market, free enterprise system gave us such things as the phone, the model T Ford, mass production, the mom and pop bakery, our local plumber, carpenter, dentist and farmer.
Keep in mind our Founder’s often describe our system in a manner promoting a “free” market, “free” trade, or “free” enterprise ___ “free” being the operative word, e.g., see Thomas Jefferson’s First Annual Message to Congress: ”Agriculture, manufactures, commerce, and navigation, the four pillars of our prosperity, are the most thriving when left most free to individual enterprise.”
So, are there marked differences between capitalism and a free market, free enterprise system? And why do so many otherwise “conservative” media personalities, and those running for office refer to our system as capitalism, rather than a free market, free enterprise system ____ FREE being the operative word?
JWK
The Federal Reserve System of 1913 and the Sixteenth Amendment, also of 1913, have provided the necessary tools to spread the evil tentacles of federal crony capitalism into almost every corner of our once free market, free enterprise system.
in the political grass for sure!