There is no such thing as capitalism. With debates over the relative meanings and merits of socialism and capitalism currently flaring up in the United States, we examine why “capitalism” is an undefinable and meaningless concept, and how it came nevertheless to hold a mythic and almost magical power over the minds of academics and ordinary citizens alike.
Suggested further reading: Marx and Engels, “The Communist Manifesto”; Ellen Meiksins Wood, “Agrarian Capitalism”; Howard Brick, “Transcending Capitalism.”
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