It doesn't keep the "capitalists" elites in check. Not the ones that socialists try to label as all capitalists. The keyword that is missing from that is CRONY Capitalists. They love socialism. Nothing helps them steal and raid more money than guaranteed "Free" programs. Those BAD Capitalists love socialism. They control it.
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You are right It does not any more. But it did up to 1990 (the collapse of Soviet Union) I am not saying any socialism or communism is good or was good. Before 1990 especially in the seventies, one family job was enough to pay for a decent life. Now 2,3, or even 4 jobs are hardly enough to match the same standard of living we had back then. I think the reason was because the elites back then were afraid of laborer forces in their countries.
Have you taken time to speak to many people that lived in the former soviet and communist countries? They are some of those that are most resistant to a lot of the EU pushes, because they realize EU is pushing for some of the same type of mistakes that those countries finally managed to get free of with the fall of the Soviet Union. They learned.
Most places pushing for socialism today are not countries that previously had it. Either that or they are being slow killed like the U.S. with insidious socialist programs being added more and more as a slow transformation that leads to extreme prices and other problems.
Yet if you research the socialist and communist countries there was typically an ELITE class benefitting from the lower class... and no real middle class. So there were the equivalent of the bad "capitalist" in all those "socialist" countries. They were the people benefitting from the enslavement of the rest of the population.
An interesting thing in the U.S. did you catch the Left leaning mainstream media outlets last week talking about how the top 3 wealthiest citizens in the U.S. are worth more than half of the combined population of the U.S.?
What is funny is those top 3 people are ALL Democrats and pushing for socialist programs... :)
That's typically what happens.
I don’t think we are in disagreement. However we are talking about different points. My point is that both systems are meaningless without perfect regulation that would keep either one functioning correctly. That is why people are swinging back and forth between the two. The corruption of the old communist countries is as bad as what happened in 2008 bail out.
We need a governing system like steemit where pad post writers shrink until they vanished.