Words tend to mean different things to different groups. We end up missing each other when we are talking, because despite using the same words, we aren't talking about the same things. Capitalism is one of those words that gets used very loosely. For me, Capitalism was the alternative to Mercantilism. Under Mercantilism, 'The People' was represented by a centrally planned state, and wealth was taken and hoarded by force. Adam Smith suggested (1) local people are better decision makers than committees, and (2) trade could be win-win. Instead of taking wealth, you could make wealth. Wealth, in the form of capital, could be reinvested rather than hoarded. It could grow. It could continue to serve in the form of factories or other productive assets, rather than big piles of jewelry and large houses. Wealth can work. To me, Capitalism has been a major force in the destruction of poverty. Building Capital can free Labour - through Personal Engines, Community Wealth Funds, and Sovereign Wealth Funds.
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