The term “capitalist” was not coined by critics of capitalism. For example, David Ricardo used the term decades before Marx. Criticizing capitalism by linking it to slavery was pioneered by Marx, and accepting that point of view is Marxist rhetoric.
It is, of course, logically invalid to claim that because slavery was practiced in countries that happened to be capitalist, that slavery is capitalist. By that logic, slavery is Christian and Islamic too—even more so. I’m not interested in debating Marx’s criticisms of capitalism: the fact that we’re even having this conversation proves my original concern—the resurgence of Marxism in America. I will point out that, in contemporary usage “capitalism” assumes a free market, which is incompatible with slavery both in theory and in practice. (America got richer after it abandoned slavery, which is what free market theories of economics would predict.) Trying to link what people understand capitalism to be today, to the proto-capitalism practiced in the American south, is layering specious argument upon specious argument.
> The term “capitalist” was not coined by critics of capitalism
The term “capitalist” for people who control capital was not, the term “capitalism” for a politicoeconomic system (from which comes “capitalist” in its other sense of an advocate/defender of that system, or, as an adjective, pertaining to that systemas, opposed to labelling a particular economic class) was.
> It is, of course, logically invalid to claim that because slavery was practiced in countries that happened to be capitalist, that slavery is capitalist.
It would.be, but that's not the argument. Early modern chattel slavery evolved alongside capitalism, was imposed exclusively by capitalist powers, and reflects the apotheosis of the capitalist commodification of labor from the mutualism of feudal relations, even beyond wage-labor, and the evolution beyond capitalism in the direction, if not by the means, advocated by critics like Marx that led to the modern mixed economy displacing the system for which “capitalism” was coined began with abolition of slavery.
Early modern chattel slavery (not slavery more generally, such as feudal or ancient patriarchal slavery, including serfdom) was a distinctly and exclusively capitalist institution.
It is, of course, logically invalid to claim that because slavery was practiced in countries that happened to be capitalist, that slavery is capitalist. By that logic, slavery is Christian and Islamic too—even more so. I’m not interested in debating Marx’s criticisms of capitalism: the fact that we’re even having this conversation proves my original concern—the resurgence of Marxism in America. I will point out that, in contemporary usage “capitalism” assumes a free market, which is incompatible with slavery both in theory and in practice. (America got richer after it abandoned slavery, which is what free market theories of economics would predict.) Trying to link what people understand capitalism to be today, to the proto-capitalism practiced in the American south, is layering specious argument upon specious argument.