I agree overall but I think we have to be careful with titles. There are elements of socialism that work quite in society (healthcare in many European countries and Canada and Australia), the social services system including things like social security, early childhood development programs, drug abuse programs, even government financial assistance for innovative businesses that guys like Elon Musk benefit from greatly. These are all socialist schemes. But when it is all socialism and the government gets in the middle of everyone's business it always goes bad.
Again, I am a capitalist but I am really concerned that capitalism today is creating a bubble. capitalism has to be fed and it's favorite food is suppressing people. Look at how France still treats many of its territories like colonies. They take billions from these places yet does next to nothing to build up these economies because in building them up these places would take their freedom and end the money grab. I am not singling France out, only the mentality.
In my humble opinion capitalism has to be restrained. The markets are too easily manipulated and there are too many bad people or people who simply do not care to say that everything will just work out. History has shown it will not. And not everyone is equal. In any system there will be those who prosper in such a disproportionate way, that it threatens the system. I think we are almost there now. In the US today the top 10% income earners take home 50% of al the income generated in the country. and the top 1% take home 20% of the income. The top 1/10 financially own more than the bottom 75 %. This is not only a US phenomenon by the way. Globally, the 8 richest people own more than 50% of the world's population.
Now I am not trying to count anyone's money, but imagine the influence this small group has over markets and governments. We, the average people cannot get represented and the needs and agendas of the people are never met. So I say that the same conditions you talk about for communism are here for most during capitalism.
What is the solution. It is complicated but has to take into account intervention that works on this issue. By the way, this is not jsut an issue for those who are not in the top 10%. They should be worried too. Because when the power cannot eat they attack the rich. Think of the story of Marie Antoinette. So ti is in all our interests to get this right.
Thanks and sorry for the long post.
"So this is in all our interests to get this right."
I agree :-)
I agree and let's do it. Thanks for the chat.