The Dangers of the Word “Capitalism”

460px-Gustave_Dore_Lazarus_and_the_Rich_ManJesuit Fr. Bernard Dempsey warns against the use of the word “capitalism” in economic debate.

The principal reason is that there is really no such thing as capitalism. He claims the word cannot be defined scientifically and really only exists in a Marxist dream world. F.A. Hayak declared that the word is largely the “creation of [a] socialist interpretation of history.”

The word has come to be defined negatively as that which is the contrary Subscription11of Marxism. It is best is to stay away from the word, Fr. Dempsey claims, since “only a very foolish general accepts battle on terrain of his adversary’s choice.” (Bernard W. Dempsey, S.J., The Functional Economy, The Bases of Economic Organization, Prentice-Hall, Englewood Cliffs, N.J., 1958, p. 162.)