2.1 The Misleading Label “Capitalism”

The label “capitalism” itself was always a misnomer, coined paradoxically by its critics in the nineteenth century. The term misleadingly suggests that there is such a thing as “capital” that inherently functions in certain ways and is governed by stable economic laws of its own. That’s an illusion, however. Capital is just an artifact shaped by laws and politics—in effect, constructed by the state. Its code is entirely man-made. There are no “laws” of capital. And in truth, we do not live today in a system in which “capital” or “free enterprise” dictate our economic circumstances. Instead, we live in a system that should be called “tournament dirigisme”: a type of state-directed tournament, or gladiator sport, where our political leaders bestow spoils on those with wealth and privilege—not surprisingly, given the legacy of slavery in this country, the white upper-class.