Capitalist-entrepreneurs drive the economy forward in their desire to satisfy the demands of consumers. Capital goods themselves are the causes of economic growth and progress. Everything we see around us is the fruit of capital accumulation and saving by capitalists.

Rather than decry the term “capitalism,” we should be more willing to use the term than ever. Capitalists and capital are the cause of growth and progress. The whole of the market system relies upon them. Capitalism should be readily embraced by all defenders of free markets as a descriptive term. Capital is a central part of society. The term that Marx gave as a mark of derision is, in fact, a perfect descriptor of the benefits of the market system—one that advocates of free markets should make a term of pride.

https://mises.org/mises-wire/yes-we-should-defend-term-capitalism

Reply to this note

Please Login to reply.

Discussion

(SCREAMING!): GO STUDY WHAT HAPPENED TO THE AUTOMOTIVE INDUSTRY IN DETROIT BEFORE YOU BLABBER ABOUT APPLYING THIS TO ALL INDUSTRIES!

AND THE FUCKING REASONS FOR FAILURE!

Gary Charter made a good counterpoint about this:

Advocates of Liberty Should Abandon the Term "Capitalism"

https://fee.org/resources/advocates-of-liberty-should-abandon-the-term-capitalism/

In practice, I agree it comes with a lot of baggage, which is why I usually use 'voluntaryism' when talking to most people.

That said, I share the view from the Mises article that, economically speaking, it’s still the correct term.

Maybe it’s time we reclaim it? 🤷

Yes, I prefer the term "voluntarism" or "free-market anarchism" over this weird term "anarcho-capitalism".

Anyway I agree 99% with people who declare themselves "anarcho-capitalists"

Why not reclaim it?