"Critiques of the modern economy have some validity," writes Noah Smith. "But in the rush to bash capitalism — or to capitalize on the sudden unpopularity of the term — the critics haven't done a good job of defining what capitalism means. Does it mean private property? Private ownership of industry? Market economies? Public asset markets and joint-stock ownership? Often, the term capitalism seems like simply a stand-in for whatever market-like features of modern economies someone doesn't like." Before dismantling capitalism, he argues, it would be best to define it and address areas in need of adjustment.