Not really a fan of that definition.
Everything is capital. Something that looks like it is for consumption might in the end give you new ideas or inspiration or broaden your horizon and hence be very "productive". On the other hand, something that looks like capital could totally be a net cost and on its way out...
...to find the things that are useful to invest in is hard and textbook definitions dont really help. More than that - the kind of future people want is very different depending on what groups of people you ask and hence what they value in life.
With so many countries and billions of people all we have is a lot of diversity and markets with sound money help a lot. Todays capital might be tomorrows liability.
Markets are a useful concept. "Capitalism" is more an ideology that was since the dawn of "capitalism"https://en.wikipedia.org/wiki/History_of_capitalism ...never really anything else than connected to a "money printer". The rich capitalists always had access to the printer and hence whatever bitcoin brings us is so different, that it is just purely confusing to cling on to wording that was for centuries connected to something that was vastly different then the near future brings.
But have fun clinging to this term - it's not really useful to say the least.
Discussion
Word salad trash reply that makes no sense and doesn’t hold up to any reasoned scrutiny. Not remotely worth a reply. I do love that stupid people think they can invent some low IQ garbage reply and it disproves a titan like Mises though 😂😂
lol. mises fanboy.
he was a human just like everyone else.
capitalism is just a word.
anyone can define words the way they want, but there is also a historic reality and what ppl all around understand.
mises could not imagine bitcoin and even if he did - that would create su h a different economic reality that it deserves an entirely new term instead of clinging to historical terms made up in times when digital wasnt even a thing yet.
you just cling to it like religoois ppl cling to religion... of course i get it, its hard once ppl identify and feel so familiar 🤷♀️