The argument of capitalism vs. socialism is always going to be a bad one to engage in. Both have their strengths, and both have their weaknesses. A blended approach is the best, but the mix varies from country to country and culture to culture. There is no single mix that is a recipe to success.
Capitalism is good for generating wealth and incentivizing people to better themselves. The problem with capitalism is it rewards the few for the work of the many. The vast majority of the money and property ends up in the hands of the elites, and the rest of society are left to live off the scraps. Success in the capitalist system is based on access to capital, or developing a product that willelevate you past the need for capital. Unless you capture lightning in a bottle, or build the better mouse trap, the potential to elevate yourself within the capitalist system are extremely limited. Where capitalism works best is innovating to meet the needs of the market, and then generating value to the shareholder as a result of meeting the market need. On the other hand socialism is good at providing for the needs of the many, but at the expense of the many. Socialism doesn't incentivize people well, and it does not allow for opportunity to lift oneself up to the heights possible through the capitalist approach.
Socialism allows for us to work collectively to protect our society as a whole from dangers. The military, law enforcement, and transportation systems are examples that jump out. They serve the common good. In that same vein, education, healthcare, and social welfare should be treated the same way. Things that make use better and stronger as a nation should be left to the socialists. Capitalism should never be allowed to leverage the misfortune of others to generate money. Because someone has cancer, a corporation should not be allowed to bleed the individual dry to generate a profit, while sending that individual into bankruptcy. It only makes our society weaker and only goes counter to what makes us better human beings.
Conversely, socialism should allow industry the latitude to create value and jobs. There are controls that need to be put in place on the capitalist system, but only for the protections of the society as a whole. Capitalists should be willing to do this stuff voluntarily, as a safe protected customer is one that will come back and buy your product or service again. But because making a buck can lead to abuses, there is a need for governance over operations, and that is best handed to those with the greater mission and focus. I would argue that I would much prefer to have one of those godless socialists acting as oversight than a money grubbing robber baron. One is more representative of the collective need, while the other is focused on individual need, which is the greatest weakness of the capitalist system itself.
Sorry for rambling, but finding the secret sauce that balances capitalism and socialism is a huge challenge. Some are better at it than others. I sure wish the US was better at it and could emulate a lot more of the things Canada does in establishing and maintaining the social contract and safety net with the masses.
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