Tuesday, July 16, 2019

Walter Block on Defending the Word "Capitalism"

Dr. Walter Block
As a follow-up to my post, Reisman vs. Bylund: Should We Continue to Use the Word 'Capitalism'?, Dr. Walter Block emails:

Dear Bob:

I enthusiastically support your siding with Reisman vis a vis Bylund in their debate over “capitalism.”

 Words are pretty important. If we keep giving up on words, all too soon we won’t be able to get our message across. What’s next after we renounce “capitalism?” Surely “free enterprise,” “free markets,” “economic freedom,” “anarcho-capitalism,” etc., will all be deemed objectionable, offensive, too. Should we rid ourselves of those words and phrases too?  Even now it is difficult to use words like man, white, mankind, he, etc. No, no, no, we’ve got to keep “capitalism.” You make an excellent point that if we adhere to this word that gives us an opportunity to distinguish it from crony capitalism.

Best regards,


Walter E. Block, Ph.D.
Harold E. Wirth Eminent Scholar Endowed Chair and Professor of Economics
Loyola University New Orleans


  1. I say stir the hornets with Tshirts that say Corporatism is not Capitalism

  2. At this point the term Capitalism is misunderstood by most. The circumstances, setting, context, stage matter. If you are able to define the term and or question another definition of the term Capitalism is more useful. If someone like Reisman or Block is dealing with corporate media or others that may not understand or may distort what Capitalism is they need to qualify that crony capitalism is not what they advocate.