Libertarian's Forum
Libertarian Forum to discuss politics and free market economics.
Libertarian's ForumLibertarian's ForumFreedom Forum › I don't like calling it capitalism
Page Index Toggle Pages: [1] 2 3  Send TopicPrint
Hot Topic (More than 10 Replies) I don't like calling it capitalism (Read 251 times)
libertytorch95
Junior Member
**
Offline

Libertarian's Forum

Posts: 12
Joined: Oct 7th, 2019
I don't like calling it capitalism
Oct 9th, 2019 at 10:17am
Print Post  
Did you know capitalism in its modern usage was a term coined by a socialist? Specifically, Louis Blanc. That's why I prefer to call it free enterprise system and free market. Capitalism sounds bad and feels like one is defending "accumulation of capital" rather than economic freedom, voluntary cooperation, exchange, commerce and entrepreneurship. The term used should be one that expresses all this, not just one that bases itself on "capital".
  
Back to top
 
IP Logged
 
Little Biq Man
Libertarian Freedom Member
*****
Offline

Libertarian's Forum

Posts: 872
Joined: Mar 17th, 2019
Re: I don't like calling it capitalism
Reply #1 - Oct 10th, 2019 at 8:47pm
Print Post  
I agree.

The socialist analysis by Marx of "capitalism" as a way to produce wealth using the labor of others is actually very lucid and descriptive of the process.  The owner owns the capital, i.e. the means of production (generally falling into the two categories of factories and farms), purchased through borrowing or saving.  Then he hires the labor with borrowed or saved money, buys the raw materials the same way.  He puts them together and sells the product for more than it cost him to produce it.  That additional amount is called "surplus value" in socialism, and "profit" in a free enterprise system.

The term "capitalism" is a good way to describe that method of producing wealth, just as arbitrage describes a way to grow wealth, hoarding describes a way of saving wealth, and squandering describes a way to reduce wealth.  All of those things happen in a free society but that society is not a "capitalist" society any more than it is a "hoardist" society, an arbitrage society or a squander society. 

All of those things are ways to fulfill human desires that would happen in any society that allows and protects a free market.
  
Back to top
 
IP Logged
 
Jeff
Libertarian Freedom Member
*****
Online

Libertarian's Forum

Posts: 47950
Location: USA
Joined: Feb 26th, 2014
Re: I don't like calling it capitalism
Reply #2 - Oct 11th, 2019 at 3:42pm
Print Post  
Little Biq Man wrote on Oct 10th, 2019 at 8:47pm:
I agree.

The socialist analysis by Marx of "capitalism" as a way to produce wealth using the labor of others is actually very lucid and descriptive of the process.  The owner owns the capital, i.e. the means of production (generally falling into the two categories of factories and farms), purchased through borrowing or saving.  Then he hires the labor with borrowed or saved money, buys the raw materials the same way.  He puts them together and sells the product for more than it cost him to produce it.  That additional amount is called "surplus value" in socialism, and "profit" in a free enterprise system.

The term "capitalism" is a good way to describe that method of producing wealth, just as arbitrage describes a way to grow wealth, hoarding describes a way of saving wealth, and squandering describes a way to reduce wealth.  All of those things happen in a free society but that society is not a "capitalist" society any more than it is a "hoardist" society, an arbitrage society or a squander society. 

All of those things are ways to fulfill human desires that would happen in any society that allows and protects a free market.
Well, yes. You have a very different view of economic freedom than did Marx. Smiley
  

"Free hate speech"
Back to top
 
IP Logged
 
kaz
Libertarian Freedom Member
*****
Offline

Minarchist

Posts: 8137
Location: Kazmania
Joined: Jun 6th, 2017
Re: I don't like calling it capitalism
Reply #3 - Oct 17th, 2019 at 10:23am
Print Post  
libertytorch95 wrote on Oct 9th, 2019 at 10:17am:
Did you know capitalism in its modern usage was a term coined by a socialist? Specifically, Louis Blanc. That's why I prefer to call it free enterprise system and free market. Capitalism sounds bad and feels like one is defending "accumulation of capital" rather than economic freedom, voluntary cooperation, exchange, commerce and entrepreneurship. The term used should be one that expresses all this, not just one that bases itself on "capital".


I agree that capitalism is simply economic freedom.  I don't particularly have an issue with the word though as capitalism does use capital as its primary measuring system for the exchange of good and services.

Christian was also originally a derogatory term created to ridicule followers of Christ
  

Contest winner:  I predicted Kaz' meltdown
Back to top
 
IP Logged
 
kaz
Libertarian Freedom Member
*****
Offline

Minarchist

Posts: 8137
Location: Kazmania
Joined: Jun 6th, 2017
Re: I don't like calling it capitalism
Reply #4 - Oct 17th, 2019 at 10:25am
Print Post  
dup
  

Contest winner:  I predicted Kaz' meltdown
Back to top
 
IP Logged
 
Jeff
Libertarian Freedom Member
*****
Online

Libertarian's Forum

Posts: 47950
Location: USA
Joined: Feb 26th, 2014
Re: I don't like calling it capitalism
Reply #5 - Oct 17th, 2019 at 10:30am
Print Post  
kaz wrote on Oct 17th, 2019 at 10:23am:
I agree that capitalism is simply economic freedom. 
Economic freedom is economic freedom.

Saving and investing to accumulate capital is just something some people do when they have economic freedom.

Using that capital to start or fund businesses is capitalism, and it comes in many forms. The kind that enlists the help of government to increase the capitalist's capital is called crony capitalism, and libertarians think it's really theft, acts of plunder. Angry

Edit: jerkwad, if you're following this thread, take note that plundering is aggression, to initiate it violates the NAP, to defend against it your right! Smiley
Bu tno, even if you characterize shoplifting by children as plundering, you can't shoot them for doing it, especially not in the back... Shocked
« Last Edit: Oct 17th, 2019 at 4:20pm by Jeff »  

"Free hate speech"
Back to top
 
IP Logged
 
kaz
Libertarian Freedom Member
*****
Offline

Minarchist

Posts: 8137
Location: Kazmania
Joined: Jun 6th, 2017
Re: I don't like calling it capitalism
Reply #6 - Oct 17th, 2019 at 10:35am
Print Post  
dup
  

Contest winner:  I predicted Kaz' meltdown
Back to top
 
IP Logged
 
Jeff
Libertarian Freedom Member
*****
Online

Libertarian's Forum

Posts: 47950
Location: USA
Joined: Feb 26th, 2014
Re: I don't like calling it capitalism
Reply #7 - Oct 17th, 2019 at 4:17pm
Print Post  
kaz wrote on Oct 17th, 2019 at 10:23am:
...capitalism does use capital as its primary measuring system for the exchange of good and services.

Money is the medium of exchange. If you spend your money as fast as you get it, you will never accumulate any capital.

Money and capital are not the same things.
  

"Free hate speech"
Back to top
 
IP Logged
 
AlayneLeung
Libertarian Freedom Member
*****
Offline

Libertarian's Forum

Posts: 1101
Joined: Mar 20th, 2015
Re: I don't like calling it capitalism
Reply #8 - Oct 18th, 2019 at 1:16pm
Print Post  
Hi libertytorch95, thanks for starting this topic.  I don't like using "capitalism" because it sounds like capital offenses.  I prefer to replace "capitalism" with "myism" or "herism" or "hisism" or "fewism" .  That reminds me, if a capitalist group leader commits a capital offense, then does that leader get a trial by grand jury as according to USA Constitution?
  
Back to top
 
IP Logged
 
SkyChief
Libertarian Freedom Member
*****
Online

Libertarian's Forum

Posts: 11881
Location: California Coast
Joined: Aug 18th, 2014
Re: I don't like calling it capitalism
Reply #9 - Oct 18th, 2019 at 1:48pm
Print Post  
AlayneLeung wrote on Oct 18th, 2019 at 1:16pm:
I don't like using "capitalism" because it sounds like capital offenses.  I prefer to replace "capitalism" with "myism" or "herism" or "hisism" or "fewism" .

Fewism to replace capitalism? 

I'm sure this seems logical to you.    Your mind works in very mysterious ways, Alayne.

Could you explain why Fewism is a good substitute word for capitalism? 
  
Back to top
 
IP Logged
 
Page Index Toggle Pages: [1] 2 3 
Send TopicPrint
 
Libertarian's ForumLibertarian's ForumFreedom Forum › I don't like calling it capitalism
Libertarian's Forum

Libertarian's Forum Information Rules, Agreement and Privacy Policy