Maggie's Farm

Unlike Leninism, Socialism, Marxism, Keynesianism, capitalism is not a theory. I may be naive to think that this is an important point. Capitalism is just what humans naturally and practically do to survive, to exchange things, and to try to thrive, when they are left in peace by Power. It's win-win transactions in which people get what they want without killing or otherwise using force against eachother. That's all it is - a benign and highly productive aspect of human nature.

Those Wyoming obsidians found on Long Island, NY, a few years ago in a buried Indian cache tell it all. I try to imagine the capitalist transactions involved, from wampum to beaver pelts to who knows what other currencies, all the way across the USA. Whether the item is obsidian chips or Italian credit-default swaps, it's all the same: if you want it, compensate the owner.

Adam Smith did not invent capitalism (or even use the term - yes, it was Marx who made it an "ism") - he just tried to explain what energetic and creative people do when they can do it peacefully, and by free choice.

Unless our kids take some real economics courses, or open a lemonade stand and figure out how the lemons got to them, or discuss real life with their parents, they won't get it at all. They are too insulated from reality nowadays, due to the prosperity of trade and capitalism.

At Wkly Std, More Adam Smith, Please . . .and less Barbara Ehrenreich.

In Socialist fantasies, I sometimes think they imagine that money and wealth come from Daddy. That's probably why the college kids like it.

Editor note: Re obsidian arrowheads, just Google the topic to find out how many people are knapping arrowheads, knife blades, and spearheads these days - for fun and profit. That's called capitalism, hard at work on the obsidian trade even today. Even real Indians are doing it to get into the game.