We are all socialists - and all capitalists
Recent events have encouraged a newly sceptical attitude towards capitalism
Recent events have brought discussions about the nature of ‘systems’ like capitalism and socialism back into the spotlight. I think that most people in the world – although many of them don’t like to acknowledge it – are in fact both.
I don’t know anywhere that is actually based on pure capitalism. The United States, in my view, is a socialist community making use of capitalism to create wealth. And in this sense, they are actually very close to what the Chinese are doing. People in China are allowed to use capital to create wealth privately, but a significant part of that wealth is diverted for the common good.
Personally, I think this combination is generally a good way of going about things. The evidence suggests that what we call capitalism is the most effective way yet devised of creating wealth. The evidence also suggests that socialism is the best way yet devised (particularly in communities which have embraced democracy) in determining how to use that wealth. I don’t think we have yet reached a better way of creating a society than having a balance between the two.
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