Capitalism promotes the individual and encourages selfishness. Socialism promotes the group and encourages supporting and relying on others. Pure capitalism is the law of the jungle, dog eat dog, screw you so long as I get mine. Pure socialism ignores the human need to improve one’s own condition through one’s own efforts. It takes away private ownership, restricts choice, and stifles innovation. Neither system works well on its own.
The best systems allow private ownership but enact laws to protect nonowners from capitalistic overreach and, through taxation, socialize certain aspects of society to the advantage of the citizenry at large. Examples of socialism in present capitalistic society include police and fire services, schools, road construction and maintenance, sidewalks, national parks, Social Security, Medicare, veterans’ benefits, and many others. The ratio of capitalistic to socialistic aspects of society varies and requires changing as circumstances change.
In this country, we have had 40 years of policies that effectively created great wealth for some to the disadvantage of too many of the rest of us. Now we need to tweak the system toward helping those who have stagnated or lost out because of those policies. So, hurrah for capitalism so long as socialism can be used to spread capitalism’s blessings over the larger society.
Mark Mears, South Jordan
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