Money: All money is credit in one way or another. But today it is government-backed or government-created credit, as its defining characteristic is the government’s willingness to accept it in payment of taxes or other public fees.
Labor capitalism: A term popularized by Margaret Thatcher to describe an economy in which workers became shareholders but not managers. Labor’s role is that of the exploited party, not the beneficiary. “Labor” is to “labor capitalism” as “lamb” is to “lamb-chop.”
Jubilee Year: In Judaic Law (Leviticus 25), a Clean Slate to be proclaimed every 50 years annulling personal and agrarian debts, liberating bond-servants to rejoin their families, and returning lands that had been alienated under economic duress.
Government: This social control function historically has been provided by public institutions. The modern and indeed, ancient role of government is to promote security, equality under the law, economic stability and fairness, and to provide legal redress against injurious acts so as to prevent economic polarization from downgrading the status of citizens.
Free markets: Markets dominated by the financial and propertied classes whose objective is to secure all discretionary income for themselves, ultimately by asset stripping, leaving the economy without freedom of choice except to pay the rentier class.
Economist: Originally a member of the Physiocratic School (L’Économistes) who sought to replace France’s proliferation of excise and income taxes with a land tax. For modern economists’ general methodology, see Junk Science.
Capitalism: The term used to describe the social system based on promoting the accumulation of capital. Long used mainly as an economic invective, the term only recently has become more glorified by neoliberals, referring mainly to finance capitalism.
Republicans and the financial sector sequester the economic surplus in their own hands, price their economic rents to squeeze incomes, and then criminalize poverty as if the poor vote to be poor as a matter of choice!
Unlike psychological terminology—which consists mainly of terms of invective (try to think of a desirable personality complex)—today’s economic vocabulary is euphemistic. One rarely hears the terms “rentier” or “usury” that played so central a role in the debates of past centuries.