@JulianOliver

Here's Daron Acemoglu making a point I often also make - even down to the example of markets in the Soviet Union...

"“I don’t like the term capitalism,” he [Acemoglu] said. “It makes it sound like there is a uniform model that includes Sweden, Egypt, Argentina, Honduras, the United States, South Korea, Japan. There’s no overlap between these economies, how they are organized.” The only overlap he sees is that they have markets, “but so did the Soviet Union.”

"His preferred frame, developed across Why Nations Fail and The Narrow Corridor with co-author James Robinson, is inclusive versus extractive institutions. The question isn’t whether a country has markets, but whether its economic and political rules broaden participation and reward innovation — or whether they concentrate power at the top and extract value from everyone else."