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Question: Does "capitalism" have Marxist roots? Should we use "free market economy" instead?
Answer: Interesting question, but I would say, ‘poisoned genealogy’ is not a good argument. Where the word came from is not as important as whether it is a good concept, a useful concept. Now, and there’s a good principle here: Don’t let your enemies take your stuff.
In this case, Capitalism is a very good word. Economically, capital, it means resources that are deployed for productive purposes; land, machinery and the most important resource, the individual human being taking charge of their life and becoming productive. I think that is a wonderful use, that concept of human capital. To say that individuals are responsible for themselves and that’s precisely what capitalism, the head, puts front and center.
I’d also say that free market capitalism is of course very good, but markets are slightly secondary. Markets are a social institution. People coming together to trade with each other, but it presupposes that you’ve got individuals who are taking charge of their own productivity. The individual capitalist is fundamental. Markets are secondary. So, I like capitalism a little more as a broader label.
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