Whose Liberalism? | National Review Online: "There is a great deal of argument on the subject of capitalism that could be superseded by coming to some agreement about what we talk about when we talk about capitalism. If by “capitalism” we mean (a) what happens when a few million grocers and the mind-bendingly complex chains of production behind them compete for the custom of a few hundred million hungry Americans, that’s one thing; if by “capitalism” we mean (b) bank bailouts and General Electric’s defense-contracting division, that’s another thing. There are critics of capitalism who argue that (a) leads inevitably to (b); one need not necessarily take a position on the merits of that claim to understand that (a) and (b) are nonetheless different things, and that if we take “capitalism” to mean (b) then we need another term — “free enterprise,” “laissez-faire,” etc. — to denote (a)."
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