Capitalism
- Peter Turchin, "Naked Self-Interest is a Recipe for Social Dissolution (a response to Branko Milanovic)", Cliodynamica, 19 Jan 2016
- An interesting argument for the necessity of exercising private morals in economics.
- Capitalism, Wikipedia
Notes
Apparently Capitalism means many things to many people. To some people it means "the love of money", a social paradigm whereby the attainment of money is how success and, possibly, goodness is measured; a place where other morals have no place. This view would contrast with Communism, imagining its eschewing of private property rights to be tantamount to transcending money in favor public morality.
This kind of viewpoint is not based in any way on any actual definition of the terms. Capitalism, as an economic principle presupposes the existence and protection of private property rights, and voluntary exchange. In this way, it demands moral liberty and property rights. Capitalism also embraces competition as being an overall benefit.
While it is true, that the love of money could be termed "capitalism" from an etymological standpoint, we are describing something very different from the Capitalism described as an economic system. This other form of capitalism might be considered a philosophy or personal religion, and very often, the believers in this false god seek to infringe on the property rights and freedoms of others. They use their influence to forbid the free cooperation and competition which capitalism necessarily embraces. In this way, such a love of money philosophy is antithetical to capitalism.