UNLIMITED

The Critic Magazine

Rainer Zitelmann

NOT MANY PEOPLE LIKE THE WORD “capitalism” — not even capitalists. “Capital”, meaning assets or funds, is a medieval concept; “capitalist” evolved in the eighteenth century to denote those who own capital. When the idea of “the capitalist mode of production”, or “capitalism”, emerged in the mid-nineteenth century, it was promoted by socialists: Louis Blanc, Pierre-Joseph Proudhon and, of course, Karl Marx.

They and their successors elaborated the concept of capitalism in order to destroy it. Despite failing in this objective, anti-capitalists have done a good job tarnishing its reputation. Defenders of capitalism have usually preferred to use more neutral terms, such as “market economy”. Ludwig von Mises preferred “liberalism” — but that word has been hijacked by the Left.

An exception is Rainer Zitelmann, the German historian, sociologist and journalist. He is not only an unabashed champion of capitalism, but is not afraid to use the word. Yet even he acknowledges a deep-seated

You’re reading a preview, subscribe to read more.

More from The Critic Magazine

The Critic Magazine7 min read
William Warham
WILLIAM WARHAM, LAST PRE- Reformation archbishop of Canterbury, died just in time to avoid martyrdom at the hands of Henry VIII. In his final days, the elderly scholar-priest composed a magnificent speech in defence of the law and of the liberty of t
The Critic Magazine5 min read
Crisis Of Leadership
BRITISH AND AMERICAN POLITICS have very little in common. Why anyone should think that they ought to is a mystery. It’s quaint on their side, when it happens, but pitifully monotonous on our part. Our general elections coincided this year and owed no
The Critic Magazine2 min read
So Many Voters Got It Wrong
THE NIGHTMARE HAS HAPPENED. The racist, misogynistic, homophobic, transphobic voters of the United States have elected Donald Trump. I feel like moving to America just so that I can emigrate in protest. There is absolutely no doubt whatsoever that on

Related Books & Audiobooks