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Pioneer Press, St. Paul, Minn., Real World Economics column.
By Edward Lotterman, Pioneer Press, St. Paul, Minn. Knight Ridder/Tribune Business News
Feb. 27--LEAVE MARX'S ECONOMIC LABELS IN PAST: People should stop using the word "capitalism." It is a poorly defined, much misunderstood word and it causes more problems than it solves.
Karl Marx coined the term 150 years ago. He apparently had a clear idea of what he meant. But Marxists' use of the word "capitalism" always carried more freight than was implied by non-Marxists' use of the word. This caused confusion.
Nevertheless, there was enough of a consensus on the meanings of the words "communism" and "capitalism." Communism implied an economy in …
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- Saint Paul Pioneer Press, Minn., Edward Lotterman Column.
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