NOT MANY PEOPLE LIKE THE WORD “capitalism” — not even capitalists. “Capital”, meaning assets or funds, is a medieval concept; “capitalist” evolved in the eighteenth century to denote those who own capital. When the idea of “the capitalist mode of production”, or “capitalism”, emerged in the mid-nineteenth century, it was promoted by socialists: Louis Blanc, Pierre-Joseph Proudhon and, of course, Karl Marx.
They and their successors elaborated the concept of capitalism in order to destroy it. Despite failing in this objective, anti-capitalists have done a good job tarnishing its reputation. Defenders of capitalism have usually preferred to use more neutral terms, such as “market economy”. Ludwig von Mises preferred “liberalism” — but that word has been hijacked by the Left.
An exception is Rainer Zitelmann, the German historian, sociologist and journalist. He is not only an unabashed champion of capitalism, but is not afraid to use the word. Yet even he acknowledges a deep-seated
