More On the Effects or Performance of Capitalism

When Americans expands the English language, the mind of Americans are creating new concepts.  One of these newer concepts is called 'capital.'  On the general subject of new concepts, Henry Carey, who was an advisor of Abe Lincoln, said that the great defect of Adam Smith's economy is the absence of definitions. (See p.9 in The Unity of Law.) Smith's economy and its absence of definitions was installed in the USA.

after Lincoln was assassinated.

When the U.S. economists installed Smih's economy, they repeated the world wide definition of the concept 'capital.'  This world wide definition says that 'capital' is determined by minerals, such as gold, silver, etc. Thus, if a nation or a person has gold, silver, etc., a nation and that person has capital. A nation and person without minerals are thus without capital.

When Henry Clay spoke to Congress on the Americn System (click), the concept of 'capital' was defined properly by Henry Carey, on p. 376 of The Unity of Law). Carey's defines capital as 'the instrument by help of which the work is done, whether existing in the form of land, ships, wagons, houses, mental or physical force.'

As seen, capital is an instrument of work and progress.  If capital is determined onlby gold, silver, etc., a nation has no real progress