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How Capitalism Got Its Name

What is capitalism? What is it we are for, if we are for it? Or against, if we are against it? As we use the term today, it generally refers to a kind of economy, variously characterized by private industry, free enterprise, competitive markets, and lots of investment opportunities, which most people believe are valuable parts of the way we live together. But during the 1830s and 1840s, in the run-up to the revolutions of 1848, when the term “capitalism” first began to appear frequently, it signified neither a social system nor a “mode of production” but a politics—the concerted attempt by capitalists and their allies to secure the political power they needed to ensure that their interests took precedence over those of everyone else, including landowners, small businesses, wage earners, and even taxpayers more generally.