We live in a world where capitalism is increasingly seen as unjust. Socialism, on the other hand, is openly embraced as the most righteous ideology. Yet all those who reject capitalism on moral grounds by calling it an unfair system have no idea what capital is. What’s more, they have no idea how capital comes into existence, nor how it fits in the production process that yields widespread abundance.
Critics of liberalism and the market economy have made a long-standing habit of inventing terms we would never use to describe ourselves. The most common of these is “neo-liberal” or “neo-liberalism,” which appears to mean whatever the critics wish it to mean to describe ideas they don’t like.