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that's pretty neat. Before getting into Beckert's "Introduction" I jotted down some thoughts, just to not be affected/polluted by what he might speak about later:
_structure/organization of economic life that, enabled by private property, uses capital goods to create consumer goods constantly profit-and-loss tested by a money-using market, for the enrichment and betterment of all.
5 important features there: economic life (as opposed to spiritual or social or natural) -- which goes to your description (basically Robbins on what economics is). And then private property, capital goods, profit&loss tests in a monetary market that ultimate generate enrichment and betterment for everyone
@Undisciplined wanna chip in?
It’s tough to nail down the right definition, since it was initially a Marxist term of derision that was later claimed by radical free market proponents.
I try to keep that in mind to check my own preference to equate capitalism with purely free markets.
So, mine is probably something like “A system where private owners decide how to utilize scarce resources, rather than a collective decision making process.”
That leaves the door open for some of the forms of capitalism that we may not like and that are often conflated with the version(s) we do like.
I agree. Ten pages into the Introduction chapter we're closing in, but alas still none!
What's your best shot at defining this weird word?