Ma: The trick is though that a socialist and capitalist mix, in various forms, has existed in all but name since very early in human history.
Giving something a name does not make it new.
Mo:
Link:
The Difference Between Capitalism and Mercantilism
Mercantilism is a doctrine about how the economy should work. Capitalism is an economic
system whose doctrine differs from mercantilism in some fundamental respects.
The capitalist doctrine is based on the premise of human equality and individual liberty. People should work and seek profit soley for personal fulfillment. If they would like to work for any other reason, they are perfectly free to do so. All the capitalist doctrine insists on is that no one may deliberately force or manipulate other people. Do anything you like except violate the rights of other people. Use authority only to protect those rights.
Mercantilism is based on the premise that people have a duty to their race and nation, or perhaps that their identity is that of the nation. People should work and seek profit to make themselves (meaning their nation) more powerful. The drive to power is an important element of mercantilism. If anyone disagrees, they should be subjected to authority. Mercantilism sets no ethical standards as to how its objective should be achieved. Seize every advantage you can, or else those who are willing to will take your place.
In actual practice, mercantilism predates capitalism. French Minister Jean-Baptiste Colbert exemplifies the mercantilist spirit in the way he spoke to the king about economics on page 506 of the textbook. He argues that trade will increase the power of the state by stimulating trade. This trade will make people wealthier, enabling them to pay more in taxes and assist the state more effectively in wars.
In his Wealth of Nations, Scots economist Adam Smith argues 106 years later argues that people usually don't have the state's welfare in mind when they work. They work for their own interest. In his mind, this is the way it should be, and one should not think that the capitalist system benefits society any less than the mercantilist system, since by attempting to maximize his own profit he necessarily maximizes the profit of society as well.
As of today, capitalism has largely replaced mercantilism because mercantilism did not have the power to indoctrinate enough people to sustain itself. To spread itself, mercantilism requires a nationalist tradition to make disagreement with the state ideology rare enough to be dealt with effectively using force. Intense nationalistic feelings have proved to be more difficult to sustain than the alternative that the capitalist system called for.
By pitting corporation against corporation, rather than nation against nation, capitalism eliminated the need for nationalist doctrine. Its key technique lies in persuading people that everything that they do is their own choice. In other words, capitalism strictly limits itself to non-deliberate means of enforcing its ideas. Capitalism's continued success depends on the lack of aim in society. If there were an aim that all people wanted to pursue, then they wouldn't be working for their personal gain anymore and capitalism would be history.
The notion of human equality and individual liberty arrived rather recently in history and thus so did formal capitalism and so did it's name. And as you can see from the link capitalism will disappear if people develop a common aim. So if, as many seem to believe, we are in fact headed for ecological and social disaster then capitalism will die if people take up the aim to survive. The fact is that some will see what is happening way before other will, especially those blinded by the fact they are doing well. The fish will rot at the head and spread elsewhere.
You also assume that you know what new means and that new rules out anything related to what is older. I do not presume to judge what new is especially when I haven't seen it.