In an earlier post on this topic I made the claim that the thing which changed everything in this country was the rise of capitalism as the dominant economic model. It’s time to make good on that claim.
Firstly, we need to understand, once and for all, just what Capitalism is and how it is misunderstood in these sorts of discussions.
Capitalism is an umbrella term used to describe a variety of practices under one general heading, practices like mercantilism, industrialization, and interest-based lending. But to be precise, all these different practices overlap but are not themselves capitalism.
Capitalism is the strategic use of money to determine the value of money and thereby transfer latent wealth from one sector of an economy to another.…