“Capitalism” is a short-hand for a whole cluster of ideas about how to organize our economic relations. But what puts the “capital” in capitalism? What does it mean to own something called “capital” and why is earning a “capital return” right and proper? Or bluntly: Why is it possible to earn money simply by having more than you need in the first place?
Capitalism’s detractors and its defenders have yet to come up with an answer that I find convincing. I want a clear answer before committing to capitalism as the solution framework for the 21st century’s problems, or kicking it to the curb.
We’ve hit a global impasse as we muddle through a host of issues, from inequality to the tension between economic development and environmental preservation. We can’t even seem to agree on whether inequality is a feature or a bug, and whether the environment is in danger. These disagreements – not to mention the toxicity with which we express them – have many causes. But I’ll put a stake in the ground and say that one of the biggest problems is that we’re talking past each other. Whether we’re fans or haters of the capitalist status quo, none of us really understands it.
This blog is for all those who share my desire to understand.
The Ruminathans 