Sunday, July 07, 2013

Capitalism Defined: The Index

For those few of my readers wishing to revisit my entire series on capitalism, including my recent entry on the Marginalists, Mises, and Hayek, I present here a short entry index:

Capitalism: A Short Definition
Everything and everyone can be turned into money, and money makes money.

Adam Smith
In which we learn that capitalists are heroic job creators!  And also greedy arseholes.

Karl Marx
Capital is both accumulated labor and accumulated misery.

Max Weber
Men accumulate capital because they are worried that God doesn't love them.

Karl Polanyi
For ordinary people, reciprocity and redistribution are much more important than accumulation and commodification.

Joseph Schumpeter
Capitalism is a form of permanent economic revolution, but at the end of the road lies socialism.

Ayn Rand
Capitalism is the only valid moral system, and those who disagree aren't fit to live.

The Marginalists, Ludwig von Mises, and Friedrich Hayek
Labor is not the source of value - scarcity, aristocratic virtues, and irreproducable native genius are.


There will doubtless be more to come on this subject, but this will serve for now.


Ima said...


Dave Nichols said...

Why, thank you!