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Tue Apr 28, 2015, 12:42 AM

a distinction that Wall Street doesn't want us to make [View all]

Last edited Sun May 3, 2015, 07:28 PM - Edit history (1)

We usually hear the terms "entrepreneurship", "free enterprise", and "capitalism" lumped together as if they're all the same thing. But they aren't. They are three separate things.

Entrepreneurship is when you start a small business and hope it can expand beyond mere self-employment. Free enterprise is open competition without barriers or protections. And capitalism... that's when an investor or speculator takes ownership of other people's productivity, in exchange for cash they may or may not actually have.

Why do these three always get conflated? Because capitalists want what they do to seem as valuable and legitimate and necessary as entrepreneurship and free enterprise are. Because they want you to think they're job creators -- a description which is valid for entrepreneurs. Because they want us to see their games as being about freedom and openness, instead of as a narrowing of power and privilege.

Don't buy it. We respect free enterprise and entrepreneurship, but that doesn't mean we have to respect Wall Street's version of capitalism. It's not at all the same thing.

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