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Lost Republic
"On the free market, everyone earns according to his productive value in satisfying consumer desires. Under statist distribution, everyone earns in proportion to the amount he can plunder from the producers."
~ Murray Rothbard

“Capitalism” vs. the Free Market

This is a really interesting lecture because it questions some libertarian sacred cows. It doesn’t disrupt libertarian theory, but it shows some biases generally accepted by libertarians.

For example, it acknowledges the violence behind capital ownership, and points to figures who used “socialist” to mean free market, and “capitalist” to mean statist.

I think the case for the modern use of the word stands, however, and not only because of Mises and Rand, whom Sheldon Richman acknowledges in his talk. But also because all the governments in history which exerted the most control called themselves “socialist” and condemned “capitalism” in the free market sense of the word.

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