Let’s begin with capitalism, a word that has gone largely out of fashion. The approved reference now is to the market system. This shift minimizes - indeed, deletes - the role of wealth in the economic and social system. And it sheds the adverse connotation going back to Marx. Instead of the owners of capital or their attendants in control, we have the admirably impersonal role of market forces. It would be hard to think of a change in terminology more in the interest of those to whom money accords power. They have now a functional anonymity.
Let’s begin with ...
Quotes from the same author
Meetings are indispensable when you don't want to do anything.
The seminar in economic theory conducted by Hayek at the L.S.E. in the 1930s was attended, it came to seem, by all of the economists of my generation - Nicky Kaldor , Thomas Balogh, L. K. Jah, Paul Rosenstein-Rodan, the list could be indefinitely extended. The urge to participate (and correct Hayek) was ruthlessly competitive.
The spirit should never grow old.
We can safely abandon the doctrine of the eighties, namely that the rich were not working because they had too little money, the poor because they had much.
The notion of a formal structure of command must be abandoned. It is more useful to think of the mature corporation as a series of concentric circles.