Long Live Capitalism

“Capitalism is a social system based upon recognition of the rights of the individual, to include property rights; in which all property is privately owned, and in which the individual is free to use their property without outside interference.”

Simply put, Capitalism is what people do when they're left alone. Because big government never leaves people alone, it is the natural enemy of capitalism.

The term “Capitalism” is actually a misnomer. It began as a Marxist slur against the idea of an unfettered free market. It described a system under which all factor payments, and therefore all wealth, would accrue to the owners of capital or the so called “Capitalists”.

Much the same way that African Americans have made the most dreaded of all racial epithets their own word, and taken its power, many proponents of the free market have chosen to make “Capitalism” their own.

I am one of them, proud to call myself capitalist.

But some people don't agree with me, preferring to specify a free market, or “Laissez Faire” system. Lassez Faire is a term that originated in the 17th century, during the reign of France's King Louis the 14th. A series of successful wars left the nation in a dire financial crisis. Louis turned to his closest adviser, a man named Colbert, who correctly believed the best way to achieve higher tax revenues would be through greater national prosperity.

Unfortunately for France he also incorrectly believed that prosperity could be achieved through central direction by the state. Colbert set about imposing regulations upon every level of production, and down to the most minute detail. They were such an utter failure, commerce came to a halt and poverty grew enormously. A frustrated Colbert asked a group of merchants what else he might do to aid their success.

One man spoke up, shouting “Lassez nous faire!”, leave us alone.

Government can't fix the problem, because government IS the problem. If in that comparatively simple economy government control could only succeed at doing harm, what havoc must it wreak upon our modern information based economy?