Entrepreneurship today is often celebrated as a path to freedom, creativity, and wealth. But if we look closer, most of what passes for entrepreneurship is really just activity inside a marketplace—not full-fledged capitalism. The confusion is understandable. Without a clear framework, many assume that selling a product or starting an LLC makes them capitalists. To clarify this confusion, it is useful to think of capitalism as existing in three nested levels—voluntary exchang

Photo credit: Men's Journal When Daniel and David Hulett started flipping ping pong balls into plastic cups during lockdown, it looked...