As I’ve argued elsewhere, the problem with the term, for everyone, is that it doesn’t mean just one thing. Both laissez faire and dirigisme are forms of capitalism.

Further, though the two forms of capitalism are quite distinct, too often promoters of laissez faire pretend that we are living — or have recently lived — in a laissez faire system, while promoters of dirigisme leap on this and blame laissez faire for the failures of the system they themselves prefer. This is a deceitful usage, and I think it is best fought not by abandoning the term capitalism, but always modifying it with laissez faire.

“Free enterprise” is cumbersome. And has been used by vulgar libertarians and witless conservatives too much.

What other alternatives are there?

I put this idea forward last year here: http://www.nostate.com/2523/liberty-camp-question-what-is-capitalism/

Arto Bendiken’s point in response is particularly apt, in my mind:

Face it: statists have successfully tainted and co-opted “capitalism” just as they did “liberal”. Hayek’s objections in “The Road to Serfdom” notwithstanding, no measure of education and outreach will ever wholly reclaim this contaminated ground on the battlefield of ideas.

Advocating capitalism will continue to be generally perceived as standing for the “exploitation of workers”, for big business and monopolies, for special privileges and government-sanctioned cartels run by “robber barons”. Never mind to what extent these may be mere myths and/or problems ironically endemic to a democratic mixed economy.

No matter what the purity or historical or etymological arguments might be, we face a battlefield of ideas, upon which the words we use serve important strategic roles. I will not presume to suggest that the choice of one word over another is the best possible tactic on that field, but will stress that the choice is nonetheless important… and mention, in passing, my own thoughts on the matter.