Initially, a “capitalist” was someone in possession of funds or property ? not someone who believed in a specific system of economic organization. Adam Smith, often called “the father of capitalism,” never used that term. “An Inquiry into the Nature and Causes of the Wealth of Nations,” published in 1776, was more descriptive than prescriptive. He observed the positive results produced by free markets, incentives, enlightened self-interest and voluntary divisions of labor.

A century later, Karl Marx wrote about the “bourgeoisie” whom, he predicted, would inevitably be overthrown by the global proletariat, the “workers of the world” united.

Though intended as a pejorative, “capitalism” came to be embraced by proponents of entrepreneurship, and opponents of collectivized and command economies.

Despite the starkly contrasting track records of capitalism and socialism, the next Democratic candidate for president could be a self-declared socialist.

Teen Vogue, formerly an adolescent fashion magazine, now apparently an ideological journal of the left, tells its readers: “To conservatives’ dismay, the modern idea of socialism … has become increasingly popular among young people in the past several years, following Democratic Socialist Bernie Sanders’ underdog run for president and the authoritarian creep of the ultra-capitalist, anti-socialist Trump regime.”

Most responsible for that, I suspect, are America’s universities which, since the Sixties, have been increasingly occupied and ruled by socialists of various stripes. Mr. Sanders and AOC may be among the beneficiaries. If so, the rest of us, those who have managed to learn a thing or two over the years, will be the losers.