Defining Capitalism

In a related note to yesterday’s blog posting on Michael Moore’s criticism of capitalism, I noticed this recent column from Walter Williams. In it, after admitting to not viewing Moore’s new film, Dr. Williams puts forth some arguments against characterizing the current economic system in America as a pure example of capitalism.

In fact, Webster defines capitalism as the following:

…  system under which the production and distribution of goods and services are privately managed; free enterprise ….

Given the extent of government control and regulation in the market, that’s not exactly what we have in America today.