The idea that capitalism is merely free markets, competition, free trade, supplying and demanding, and private ownership of the means of production operating for a profit is as whimsical and ahistorical and conserving as the idea that racism is “prejudice plus power.” Popular definitions of capitalism, like popular definitions of racism, do not live in historical or material reality. Capitalism, in producing racial injustices and inequities between race-classes, is essentially racist; racism, in also producing economic injustices and inequities between race-classes, is essentially capitalist.
...more
