Letter: Capitalism and socialism need each other
Consequently, modern economies are a mixture of both. For example, the highly capitalistic USA has socialistic programs (social security, Medicaid, Medicare, etc.) while the highly socialistic People’s Republic of China has capitalistic programs (privately-owned companies, etc.). The more equitable societies (Germany, Sweden, Denmark) have a better balance between the two.
Any country that goes too far with either system courts reaction and chaos. For example, excessive capitalism (extreme economic inequality) produced revolutions in Russia (1917), China (1946), and Cuba (1959). Excessive socialism (total government control) produced a collapse in the USSR (1991) and in Venezuela (now).
At the extreme, capitalism says, “I’ve got mine, the rest of you are on your own.” Socialism says, “Let’s save everybody.” Neither attitude is workable. So the real debate should be about the best balance between the two systems. That leads to a dynamic economy and more equal opportunities for our citizens.
So, whenever anyone says we must have either capitalism or socialism, realize that’s a lie. And if a commentator or