Socialist! Capitalist! Economic Systems as Weapons in a War of Words (NYtimes)

• Language changes, and as convenient as it can be to use linguistic shorthand, it’s important to remember that beneath the words are ideas — the things we should be talking about.

• Joseph Stiglitz

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• Interview By Andrew Ross Sorkin 
  
  

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  “Some people are trying to attach more emotions to the historical legacy of socialism, which was never the same as communism, but in the United States those distinctions have gotten blurred,” Mr. Stiglitz said.

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  It all comes back to semantics, Mr. Stiglitz said. And perception was on his mind when titling his new book, “People, Power and Profits: Progressive Capitalism for an Age of Discontent,” which is to be published next week.

  In it, he maps out a plan that he calls a “social contract” to improve jobs, health, education, housing and retirement. …

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  Even the word “capitalist” has evolved, Mr. Stiglitz said. It is only since the late 20th century and the rise of the economist Milton Friedman, he contends, that “capitalist” stopped being a dirty word. It was once used in what he called “a pejorative way.”

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