Anti-capitalism is back in fashion. Even Marxism, which many had declared dead after the collapse of socialism, is experiencing a renaissance. Books such as those by the left-wing French economist Thomas Piketty are popular. In my home country, Germany, a book called Das Ende des Kapitalismus (The End of Capitalism), whose author advocates the introduction of a planned economy, has climbed the bestseller lists. She cites the British war economy of the Second World War as a potential model. In her opinion, we should introduce this kind of economic system as quickly as possible, as it is the only way we can save our planet.
So, why do many intellectuals dislike capitalism? Many of them fail to understand the nature of capitalism as an economic order that emerges and grows spontaneously. Unlike socialism, capitalism isn’t a school of thought imposed on reality; free-market capitalism largely evolves spontaneously, growing from the bottom up rather than being decreed from above. Capitalism has grown historically, in much the same way as languages have developed over time as the result of spontaneous and uncontrolled processes. Esperanto, invented in 1887 as a planned language, has now been around for over 130 years without gaining........