https://mailchi.mp/tomwoods/slogans
This Tom Woods email post does a pretty good job of defining Capitalism and also shooting down some of the nonsense that is spewed out about Capitalism.
Most people’s criticisms are not of Capitalism, but of Corporatism.
Definition from the Merriam Webster Dictionary.
Corporatism – The organisation of a society into industrial and professional corporations serving as organs of political representation and exercising control over persons and activities within their jurisdiction.
Corporatism is also sometimes referred to as, Fascism.
This is not the private ownership of Capital. Or as Tom puts it,
“…a system of freedom of contract,
bounded by private property rights”.
I would also argue, that the underlying principles of Capitalism are not just a mentally conjured construct. They are a natural byproduct of healthy Human psychology.
Someone thinking they have the right to steal other people’s stuff, is not healthy Human psychology.
Another comment Tom made in this post that I quite like is,
You are asking too much of an economic system
Tom Woods
if you expect it to give you the meaning of life.
