Distinguished Capitalists

October 30, 2011

After initially disagreeing with me (by defending the idea that capitalism is fundamentally about “private ownership of the means of production” or POOTMOP), Stephan Kinsella conceded that for a system with “private ownership of the means of production” to count as capitalism, it must have certain features (emphasis mine):

If society adopted some kind of bizarre model with no firms, no division and specialization of labor, no significant accumulation of capital, I guess I would not call it capitalist.

Kinsella has now elaborated on that idea, fully embracing (along with Marx) the notion of “capitalistic patterns of ownership and control” as distinct from “a free market in land and the means of production,” including  “employers and employees and employment.” He sees the link as inevitable (as may, arguably, Marx and unlike me*) but at least we seem to agree that POOTMOP, by itself, is too vague to distinguish what capitalists mean by “capitalism” from what they don’t.

Glad that’s cleared up.

* I not only see it as not inevitable but unlibertarian and thus precluded conceptually by the term “free market.”