There is no such thing as capitalism. With debates over  the relative meanings and merits of socialism and capitalism currently  flaring up in the United States, we examine why “capitalism” is an  undefinable and meaningless concept, and how it came nevertheless to  hold a mythic and almost magical power over the minds of academics and  ordinary citizens alike.

Suggested  further reading: Marx and Engels, "The Communist Manifesto"; Ellen  Meiksins Wood, "Agrarian Capitalism"; Howard Brick, "Transcending  Capitalism."