So, what is capitalism? The answer will depend on who's being asked. Language, like markets, basic law, and customs, is a spontaneous order. No one plans it. Words drift in their meaning in ways that probably can’t be fully explained. Language is a tool that people use to think and communicate, so it’s adapted according to needs, changing circumstances, and even confusion. That doesn’t mean we can say nothing about words like capitalism. My views on that word have changed over the years; I once contributed to a book called Markets, Not Capitalism. The book was meant to show that the free...
