24A017 The Theft of "Capitalism" by Jim Davies, 5/7/2024

Words have been stolen, during my lifetime, in order to confuse and misinform each rising generation. "Liberal" is a prime example; it used to relate (and still does, in dictionary reality) to freedom; an attitude or policy of live and let-live. Today the word is used to describe the opposite.

"Capitalism" is another. The 19th century Industrial Revolution, which radically improved living standards in the Western world for the rich and especially for the poor, was possible because several governments let businessmen do their thing, with relatively little interference; they were liberal in that correct, classical sense. The British one chose Free Trade as a policy both at home and abroad, and a whole prosperous middle class was created by entrepreneurs both there and in the USA.

They were capitalists; they worked, and saved, and invested - often back into their own enterprises, which therefore grew. Everyone drew benefit; owners, workers, customers. That's what "capitalism" is and does; instead of spending all that is earned, people hold some back, "postponing consumption" and saving. That was quite feasible, because taxes then were about one-fifth of what they are now. Money not needed immediately for living was put aside; then, its use was decided by those who had earned it, whereas today it's decided by government.

That's the money that is called "capital." And "capitalism" happens when its owners, those who earned it in exchange for their labor, decide its use. That they (we) have a right to take that decision follows from the Self Ownership Axiom (SOA); we each own ourselves, therefore we own our labor, therefore we own whatever we acquire in exchange for our labor.

But today the term "capitalism" has been stolen and misapplied to something quite different; the odious practice in which companies cozy up to government and execute a deal (probably seldom spelled out on paper) by which the Pol promises to vote on some regulation that wil give the firm an advantage in the market (or even actually place an order, eg for military hardware or "vaccines") and the firm generously donates to his re-election fund.

If those funds should happen to have money left over, laws have been written to make it possible to transfer ownership to the Pol personally. That's how they get rich.

There is nothing in that disgraceful process that is capitalist. Yet that's the name given to it, by all - overseas and domestically - who wish to demean true capitalism or to demean America.

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