• Dan Sullivan posted a reply to FAIRlyRandomJURY on ?The Housing crisis 1 month ago

    ?The Housing crisis

    Just about everybody uses the term “capitalism” the same way, whether on the left and the right, but Marx coined the term. As a result, the dictionary definition is his definition. However, his real contribution to economic confusion was in redefining the word “capital” to include land and money. People speak of those with money as having capital, because money can always be exchanged for capital. Marx claimed that the difference between land and money are irrelevant because land can be “transformed” into capital, but that is not true. It is similar to saying a magician “transforms” a scarf into a bird when anyone who understands the trick knows that he exchanged the scarf for the bird. So it is that land remains land, money remains money, and capital remains capital, even if someone exchanges one for the other. Like the magician, Marx was tricking people. His purpose was to shift the blame from land monopoly onto capital.