Myths of Capitalism

Introduction

Like all faith-based ideologies that become the dominant system of power, there are many myths associated with capitalism that are needed to ensure no ideas about its origin, processes, systematic functions and goals are ever brought up. These myths, in the general population are taken as fact even if no such evidence exists for there being so. Constantly proclaimed, restated and regurgitated within media outlets and social circles, these myths are then taken as gospel. The mode of production that is capitalism, maintains dominance by using economics and at times force while imitating the role religion played in older times, namely to provide justification for the existing social system and hierarchies.

Instead of God, there is the market. Instead of oblations, there is the offering of labour. Wages are the communion. Transubstantiation takes the form of capital subsuming into money and products. Priests are the economists, sacred scripture of the profit motif line the walls of the finance church.

This blog explores the myths associated with capitalism and will be a living document, I may make changes or add or delete passages where I see fit. Contributions to the discussion are welcome. The basic fact persists, there has been 250 years of capitalist economics without a single causative economic model.1

Myth: Capital is well-defined.

Myth: Barter

Monetary system

Free Market Bollocks

 

1. http://www.differencebetween.net/science/difference-between-causation-and-correlation/