Dad2three
Gold Member
How far is too far?
1. When you want to nationalize the private sector
2. When you want to raise the minimum wage above the ability of businesses to remain profitable. A minimum age is fine, but don't kill your economy.
3. When you want to give every man, woman and child welfare. Without a plan to feed, construct or maintain the rest of society.
4. When you want to ban corporations
I could list the opposite for how far right is too far?(Tea party) But that isn't the topic. Both are bad.
Socialism does not mean what you think it does. It is not Soviet communism, it is a methodology to equitably share resources in society.
(Re-)Introducing: The American School of Economics
When the United States became independent from Britain it also rebelled against the British System of economics, characterized by Adam Smith, in favor of the American School based on protectionism and infrastructure and prospered under this system for almost 200 years to become the wealthiest nation in the world. Unrestrained free trade resurfaced in the early 1900s culminating in the Great Depression and again in the 1970s culminating in the current Economic Meltdown.
American School of Economics
Closely related to mercantilism, it can be seen as contrary to classical economics. It consisted of these three core policies:
protecting industry through selective high tariffs (especially 18611932) and through subsidies (especially 193270)
government investments in infrastructure creating targeted internal improvements (especially in transportation)
a national bank with policies that promote the growth of productive enterprises rather than speculation
Frank Bourgin's 1989 study of the Constitutional Convention shows that direct government involvement in the economy was intended by the Founders