Rename Capitalism Socialism?

Here's a potentially confusing footnote from Roderick Long:

There’s an ongoing dispute among libertarians over the meaning of
“capitalism.” While most libertarians use the term to refer to a free
market, a growing minority (examples include Kevin Carson, Gary Chartier, Charles Johnson, Sheldon Richman, and Brad Spangler) tend to reserve “capitalism” for the corporatist status quo, favoring “socialism” for the free-market alternative;

In a post titled Libertarians against capitalism, Sheldon Richman explains:

We are a group of libertarians who understand that historically the word "capitalism" has meant, not the free market, but crony capitalism — that is, collusion between business and State at the expense of consumers/workers. Thus we refuse to use the word "capitalism" to describe what we favor: individual liberty in all respects and free, competitive markets. We believe that what we have today IS capitalism — and we oppose it.

It is true that capitalism was named by its enemies.  Thus, it's interesting to note that a socialist is someone who believes in socialism, a communist someone who believes in communism but a capitalist is someone with capital.

It's also true that capitalism is a truly social system, a system that unites the world in cooperation, peace and trade.  Thus, if all were tabula rasa socialism might be a good name for capitalism.  But that boat has sailed.

So if we name crony capitalism, capitalism, and if we can't name capitalism, socialism, then what should capitalism be named?


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