Matthew

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Since this term suggests a system serving the special interests of the owners of capital, it naturally provoked the opposition of those who, as we have seen, were its main beneficiaries, the members of the proletariat. The proletariat was enabled by the activity of owners of capital to survive and increase, and was in a sense actually called into being by them. It is true that owners of capital made the extended order of human intercourse possible, and this might have led to some capitalists proudly accepting that name for the result of their efforts. It was nevertheless an unfortunate ...more
Matthew
The term Capitalism was created as a response to socialism, but it is an unfortunate label since it suggests a clash of interests between those with capital and those without capital that simply doesn't exist in the system the term is said to represent.
The Fatal Conceit: The Errors of Socialism (The Collected Works of F. A. Hayek Book 1)
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