I recently watched a video titled 5 Ways America Is Already Socialist. It started off with a definition of socialism and preceded to list 5 things mostly having nothing to do with America being socialist as they defined it. Economists actually refer to the United States as having a mixed economy, having aspects of both socialism and capitalism.
The definition of socialism given is “political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.”
Capitalism can be defined as the “political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned privately.” Some definitions include “for profit” at the end of this definition but the goal of a privately owned organization need not be financial gain.
Taken as such, neither definition seems all that intimidating. Why shouldn’t the community have a say in what is produced? But shouldn’t individual needs matter? Should niche groups be excluded from access to resources?
We have to look a little deeper to see the problems with both systems.