Friday, April 5, 2019

From the Virtue of the Free Market to the EVIL of "Capitalism"...Define TERMS

The social historian Fernand Braudel traced the term “capital” to
the period spanning the twelfh and thirteenth centuries, when it
referred to “funds, stock of merchandise, sum of money, or money
carrying interest.”
8 Of the many uses of the term “capitalist” that
Braudel catalogued, he noted dryly, “The word is never . . . used

5in a friendly sense.”9 The word “Capitalism” emerged as a term,
generally of abuse, in the nineteenth century, e.g., when the French
socialist Louis Blanc defned the term as “the appropriation of
capital by some to the exclusion of others.”
10 Karl Marx used
the term “capitalist mode of production,” and it was his ardent
follower Werner Sombart who popularized the term “capitalism” in his influential 1912 book
Der Moderne Kapitalismus.
(Marx’s collaborator, Friedrich Engels, considered Sombart the
only thinker in Germany who really understood Marx; Sombart
later became a cheerleader for another form of anti-capitalism,
National Socialism, i.e., Nazism.)





 

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