<P>COVER STORY Capitalism: A Word By Any Other Name The Texas Board of Education, swayed by conservative Republicans in 2010, voted to make changes in the states social sciences curriculum so that capitalism would be replaced by terms such as free enterprise system. As one board member, Teri Leo, said, Lets face it, capitalism does have a negative connotation. You know, ‘capitalist pig! Capitale originated in 12th century French and was used to refer to stocks, merchandise, property and money—essentially moveable property used for trade. However, when Karl Marx‘s Das Kapital was published in 1867, the word became synonymous in some minds with the exploitation of labor and the dominance of the bourgeoisie. Today, economic theory and political ideology are so intertwined that the original definition is lost in confusing—often biased—rhetoric. One side celebrates capitalism as historys greatest engine of economic progress, pointing to the mind-boggling gains in Americans living standards. To the other side, capitalism is the bogeyman of right-wing politics, tainted by greed, corporate profiteering, inequality and self-indulgent materialism (cue: Michael Moores hit movie Capitalism, A Love Story). Capitalism has always had its critics and champions, says ONeil Center writer-in-residence Richard Alm. Which view dominates depends on how well the economy is performing. In the Roaring Twenties and after the fall of the Soviet Union, capitalism was gloriously ascendant. The Depression of the 1930s and the ?nancial crisis of 2007 eroded faith in American capitalism. Continued on next page To blunt some of capitalisms unsavory associations, the systems supporters have taken rhetorical refuge in such terms as free markets and free enterprise. Lawson prefers another alternative—economic freedom. I was never a big fan of the term capitalism; it never really made a lot of sense, says Lawson. When Marx used it in Das Kapital, it meant capital in the form of buildings, machinery, factories. But socialism has those too. I prefer to use ‘economic freedom. Lawson explains: Economic freedom is, at its essence, about personal choice. In economically free societies, people are largely free to go about their lives without much rule by the government. They can hire, ?re and pursue their economic objectives without having those decisions governed by a group. Few people understand the bene?ts and drawbacks of economic freedom better than Lawson. Since 1996, he has been researching and co-authoring the Economic Freedom of the World annual report (www.freetheworld.com). Each year, he and his team of independent researchers evaluate more than 150 countries and rank them by the ease of conducting business with limited government interference. Economically free societies historically enjoy greater individual wealth and higher standards of living, signi?cantly longer life expectancies and less crime. Meanwhile, countries that score at the bottom of economic freedom tend to suffer from a poorer quality of life, corruption and a lack of personal freedoms and opportunities. Economic Freedom 25 cox.smu.edugo to</p> <UL><LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/1/1/">Front-Cover</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/2/2/">Inside-Front-Cover</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/3/3/">Page-1</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/4/4/">Page-2</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/5/5/">Page-3</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/6/6/">Page-4</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/7/7/">Page-5</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/8/8/">Page-6</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/9/9/">Page-7</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/10/10/">Page-8</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/11/11/">Page-9</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/12/12/">Page-10</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/13/13/">Page-11</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/14/14/">Page-12</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/15/15/">Page-13</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/16/16/">Page-14</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/17/17/">Page-15</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/18/18/">Page-16</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/19/19/">Page-17</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/20/20/">Page-18</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/21/21/">Page-19</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/22/22/">Page-20</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/23/23/">Page-21</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/24/24/">Page-22</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/25/25/">Page-23</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/26/26/">Page-24</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/27/27/">Page-25</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/28/28/">Page-26</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/29/29/">Page-27</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/30/30/">Page-28</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/31/31/">Page-29</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/32/32/">Page-30</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/33/33/">Page-31</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/34/34/">Page-32</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/35/35/">Page-33</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/36/36/">Page-34</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/37/37/">Page-35</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/38/38/">Page-36</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/39/39/">Page-37</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/40/40/">Page-38</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/41/41/">Page-39</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/42/42/">Page-40</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/43/43/">Page-41</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/44/44/">Page-42</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/45/45/">Page-43</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/46/46/">Page-44</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/47/47/">Page-45</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/48/48/">Page-46</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/49/49/">Page-47</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/50/50/">Page-48</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/51/51/">Page-49</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/52/52/">Back-Cover</a></LI> <LI><a href="http://www.mzines.net/publications/1089/x/sitemap.xml" target="_blank">site map</a></LI> </UL>

 

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