What is the problem with capitalism? Is it wrong, unjust, irrational, or bad? Is it evil or dumb—or is it just not working? While critiques of capitalism have become commonplace—particularly since the most recent global economic crisis—it is often unclear what exactly is being condemned. Likewise, the normative presuppositions and criteria of such criticisms have been left unspecified. In this paper, I distinguish between three approaches to the critique of capitalism, distinguishing a functional, a moral, and an ethical argumentative strategy (...) and paying special attention to the distinctive types of argumentation they mobilize. First, I consider the “functional” critique, typically directed against capitalism's straightforward dysfunctions or crises. We will find, however, that this sort of criticism presupposes a normative criterion that is frequently unarticulated, namely: the implied “purpose” of a well‐functioning economic system. Second, I examine a common “moral” critique, that is, that capitalism is premised on exploitation. Yet, the concept of exploitation, too, introduces certain difficulties, since the kind of moral wrong associated with it—unequal exchange—is hardly obvious to everyday observation and must be derived systematically. Third, I introduce and address the “ethical” critique, broadly, that capitalism constitutes a bad form‐of‐life. However, while I object to some of the forms this criticism has taken—in particular, I argue that much “alienation” diagnosis is tainted by nostalgia and naiveté—I nonetheless recommend developing a critique of capitalism as a form‐of‐life that would include ethical and functional criteria. I conclude with some remarks in this direction. (shrink)