Indeependent
Diamond Member
- Nov 19, 2013
- 73,633
- 28,506
Do you possess one or more college degrees?Capitalism’s greatest inherent flaw is that as decades pass, widening income disparity will inevitably get worse. The rich become richer, and the poor become more poor. The middle class shrinks. The only way to prevent this is with government intervention, i.e. socialism. Capitalism of course isn’t a failure - the US would not be the juggernaut it is now if it weren’t for a private market. However, that does not mean the quality of life for most won’t get worse over time.
Socialism is a very broad term. To simplify the definition, it is a concept that involves the people funding (tax revenue) and owning (utilizing) government services. This is why every nation on earth - including the US - has a socialist backbone. Any service the government provides that’s funded by tax revenue and is utilized by the people is socialism.
The definition of socialism has nothing to do with corrupt leadership in a given government. Venezuela is failing because of the country’s leadership. Socialism’s core definition has nothing to do with a dictatorship government.
Nordic countries are social democratic countries. This means more services apply the the well being of the population. These people have the best quality of life according to international polling. That is something that is diminishing in America. However, that doesn’t mean the concept is the antithesis of capitalism. Socialism can be the framework of a capitalist system. Socialism is just needed to make sure a capitalistic system provides benefit to the well being of the population as a whole.
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