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I think it's an unfortunate historical accident that what we generally refer to as capitalism, the mainstream economic system in place in the western world and
by simonh 4y ago
I think it's an unfortunate historical accident that what we generally refer to as capitalism, the mainstream economic system in place in the western world and in fact most of the world, has that name without a distinguishing qualifier. That's why I don't object to the term state capitalism, which is a much more descriptive term.
Ideally what we call capitalism would be consistently referred to as something like free market capitalism, or private property capitalism. I know those terms exist and are used, but very often we refer to the mainstream western system as just capitalism without qualification. So people will blame 'capitalism' for things like poverty or exploitation in the west, as though such things are completely unknown in alternative economic systems.