It is unfortunate that there is just the one word capitalism to describe a variety of economic systems.
Think back to Adam Smith's day, 1723 to 1790. Lots of owner managers. Many of them lifestylers. They like to grow their businesses, to get richer, to have more employees to boss. But they really like being their own boss, so they are not selling out. Also capital is hard to raise, they are not consolidating businesses by buying out their rivals (who would not sell anyway). Lets coin a word: fragpowmop. Created from FRAGmented Private OWnership of the Means Of Production.
Look around at 2022. There are merchant banks and hedge funds and pension funds and other concentrations of capital. You don't get rich by out competing your rivals. You get rich from pricing power and fleecing the consumer. And you get pricing power by being in the in crowd with plenty of capital and buying out all your rivals, consolidating your business sector. Lets coin a word: confincap. Created from CONsolidated FINancial CAPitalism.
Now you can say: Let's get rid of confincap and go back to fragpowmop.
Notice what goes wrong if you only have one word. You end up saying "Let's get rid of capitalism and go back to capitalism." That makes you sound retarded. Such are the miseries of linguistic poverty.
[ + ] happytoes
[ - ] happytoes 0 points 2.8 yearsSep 8, 2022 11:31:11 ago (+0/-0)
Think back to Adam Smith's day, 1723 to 1790. Lots of owner managers. Many of them lifestylers. They like to grow their businesses, to get richer, to have more employees to boss. But they really like being their own boss, so they are not selling out. Also capital is hard to raise, they are not consolidating businesses by buying out their rivals (who would not sell anyway). Lets coin a word: fragpowmop. Created from FRAGmented Private OWnership of the Means Of Production.
Look around at 2022. There are merchant banks and hedge funds and pension funds and other concentrations of capital. You don't get rich by out competing your rivals. You get rich from pricing power and fleecing the consumer. And you get pricing power by being in the in crowd with plenty of capital and buying out all your rivals, consolidating your business sector. Lets coin a word: confincap. Created from CONsolidated FINancial CAPitalism.
Now you can say: Let's get rid of confincap and go back to fragpowmop.
Notice what goes wrong if you only have one word. You end up saying "Let's get rid of capitalism and go back to capitalism." That makes you sound retarded. Such are the miseries of linguistic poverty.