The prolific Anthony Gregory has a great article up today at LewRockwell.com, “Why Capitalism Is Worth Defending.” His view is that capitalism is “the greatest engine of material prosperity in human history, the fount of civilization, peace, and modernity.” As part of his argument he rejects the calls of some fellow travelers to drop the word capitalism because of its origins (it was coined by its enemies) and because it is used by some corporate capitalist types to refer to their preferred system. As Gregory writes:
even insofar as the word has negative connotations in popular culture, we might still want to adopt it. The anti-Federalists were initially opposed to the label affixed to them by the Hamiltonian statists. But now I would uphold that descriptor with pride. This is an area where we can take a cue from the gay rights activists who were smeared as “queer,” only to proudly appropriate the term for their own uses. … regardless of how we define it, in terms of feeding the masses and sustaining society, I will take flawed capitalism over flawed socialism any day. I will take state capitalism, crony capitalism, or corporate capitalism over state socialism, democratic socialism, or national socialism.
Another interesting insight Gregory makes is the parallel between capitalism itself and the use of the word: “Maybe it takes longer to explain ourselves when we adopt the battle cry of capitalism – it also takes longer to be a capitalist than only a consumer.”
Great piece.