“For instance, Capitalism is really a very unpleasant word. It is also a very unpleasant thing. Yet the thing I have in mind, when I say so, is quite definite and definable; only the name is a very unworkable word for it. But obviously we must have some word for it. When I say “Capitalism,” I commonly mean something that may be stated thus: “That economic condition in which there is a class of capitalists, roughly recognizable and relatively small,in whose possession so much of the capital is concentrated as to necessitate a very large majority of the citizens serving those capitalists for a wage.” This particular state of things can and does exist, and we must have some word for it, and some way of discussing it. But this is undoubtedly a very bad word, because it is used by other people to mean quite other things. Some people seem to mean merely private property. Others suppose that capitalism must mean anything involving the use of capital. But if that use is too literal, it is also too loose and even too large. If the use of capital is capitalism, then everything is capitalism. Bolshevism is capitalism and anarchist communism is capitalism; and every revolutionary scheme, however wild, is still capitalism. Lenin and Trotsky believe as much as Lloyd George and Thomas that the economic operations of to-day must leave something over for the economic operations of to-morrow. And that is all that capital means in its economic sense. In that case, the word is useless. My use of it may be arbitrary, but it is not useless. If capitalism means private property, I am capitalist. If capitalism means capital, everybody is capitalist. But if capitalism means this particular condition of capital, only paid out to the mass in the form of wages, then it does mean something, even if it ought to mean something else.
The truth is that what we call Capitalism ought to be called Proletarianism. The point of it is not that some people have capital, but that most people only have wages because they do not have capital. I have made an heroic effort in my time to walk about the world always saying Proletarianism instead of Capitalism. But my path has been a thorny one of troubles and misunderstandings.”
-G. K. Chesterton, The Beginning of the Quarrel, Some General Ideas, The Outline of Sanity, 1927
Read the rest of the book online: The Outline of Sanity (1927)
Read the rest of the book online: Utopia of Usurers (1917)
Read the lecture: The Outline of Sanity (Ahlquist )