And whenever countries with social democratic systems, or in general countries with strong socialist influences are presented to the public, the billionaire-pundits scramble to downplay their living standards.
Take this world cup, for example. You have Fox news pundits tripping over themselves to tell the audience that Europeans don't have AC, don't get ice with their drinks, or whatever.
— John Steinbeck, still as relevant as ever
Capitalism for the poor, you gotta pull yourself up by the bootstraps. If you ain't successful, you aren't working hard enough.
Pursuing regulatory capture is just one action of many for maximizing shareholder value, to the point that not doing so is arguably a failure of leadership. At least to some. (To be clear, I disagree with this in principle)
It’s always been like that, even going back to the 19th century and the robber barons of the gilded age
> Attorney General Eric Holder on Wednesday sought to walk back comments that some financial institutions may be too large to prosecute, telling lawmakers at a lively Capitol Hill hearing that no single bank is above the law.
> In a March appearance before the Senate Judiciary Committee, Holder testified that big banks’ clout “has an inhibiting impact” on prosecutions. As he explained: I am concerned that the size of some of these institutions becomes so large that it does become difficult to prosecute them
https://www.pbs.org/wgbh/frontline/article/eric-holder-backt...
If you had suggested the “public” get a share of the profits then you start touching socialism but then I’d also hate the suggestion.
The root of the problem is that the labor that most people in the US sell is not in sufficiently high demand to afford them the compensation to be able to afford the lifestyle they expect, since they are competing with the rest of the world willing to do it for less.
The two problems are not mutually exclusive, and certainly unskilled labour is a significant problem for a good fraction of the population; but if this were the only problem, then we wouldn't see the amount of wealth concentration and decoupling of productivity from income that we observe.
No one has done anything for poor people since Jesus of Nazareth, probably.
A lot of the inefficiencies in areas like health care comes from the fact that the US does things that they don’t really want to accept that they are doing them.
https://fiscaldata.treasury.gov/americas-finance-guide/feder...
That’s also an easy sign of socialism. Just not all of society benefits. Not to mention the state and local level stuff via Medicaid and property tax subsidies for old people, too.
And then there’s the implicit monetary policy of putting asset owners ahead of income earners by debasing the currency.
Sorry, but that's a ridiculous take.
Thats just like saying that public schools are a wealth transfer from the working class to students, or that health insurance is a wealth transfer to old and sick people.
It's neither useful nor precise. Things are never an actual "wealth transfer" when both sides consider it worthwhile-- that's just an ordinary trade.
>or that health insurance is a wealth transfer to old and sick people
Both of these are also true statements.
>Things are never an actual "wealth transfer" when both sides consider it worthwhile-- that's just an ordinary trade.
It's not an ordinary trade, it's a forced payment via the government's monopoly on violence, which is why it falls into a wealth transfer. I would consider it (mostly) worthwhile when it's students because they turn into future workers.
However, I would prefer to opt out of social security and old age healthcare tax (Medicare) because I will be getting less into the system than I pay into the system. That is an inevitable future due to demographics.
Note that I am not saying wealth transfers are categorically bad, just wanted to point out the hilarity of a country that can spend $1T+ per year on wealth transfers and still be afraid of "socialism". And it's far more than $1T, because the health insurance mandate to not price health insurance based on health risks is another massive wealth transfer probably worth at least another trillion.
These days of course, workers’ days are numbered as automation will eventually make them extinct.
Just because we admit to ourselves that it probably won't end well if we keep allowing the powerful to use their power to get ever more power, for us personally it can be profitable to go along with it. Or too risky to go against it.
But it's also not an either-or. I view states as more socialist the less power is concentrated with a few.
And in non-militarized states, that's a lot about how concentrated wealth is.
capitalism and artificial intelligence are the same thing
I’m encouraged by parts of the poll, especially independents responses. I think a good many Americans perceive benefits to some degree of socialism ( ie healthcare ), but without going overboard.
> capitalism is much more likely than free enterprise to be associated with unequal distribution of wealth.
This is why the terms "capitalism" and "socialism" are largely useless in political debates, and people are mostly talking past each other.
When you look specifically at what Americans like about socialism, it's health care, education, welfare, and equality. I don't think many people want central planning of the entire economy, which is why critics of socialism raising the bogeyman of the USSR are missing the point.
However, the terms should also be clearly defined in such poll because indeed the average person may have their own understanding, not least in the US. Judging by the comments even people on HN have no understanding of "socialism" and are trying to shoehorn an idealist view of "a better society" into the term, or they cannot accept that "socialism" does not work.
We could do - have done - much worse than implementing some good sense social safety net measures. Especially as people advocate for AI and using it to replace/disempower employees.
That's irrelevant to the point.
The 1980s did settle the capitalism vs. socialism debate. The USSR and, perhaps more consequentially, China effectively abandonned socialism because it failed and acknowledged that capitalism, free enterprise, and the free market was what worked.
The "end of history" is the belief (proved wrong if not naively wrong from the start) that this would lead to everyone being "friends" under a Western-style liberal democracy.
> We could do - have done - much worse than implementing some good sense social safety net measures.
I don't understand what you are getting at unless you consider that socialism = "social safety net measures", which it isn't but, as mentioned, it seems that many in the US think it is...
Reading the comments it does seem that many don't understand the meaning of "socialism" (or seem to think that the passing of time somehow changes things) even on HN so polls to the general public are completely meaningless. But ask people if the prefer to live in North America or Western Europe vs Eastern Europe/China pre-80s and you'll get a much clearer picture of what the real sentiment is... East Germany had to build a wall to keep people IN, after all.
https://sccei.fsi.stanford.edu/china-briefs/reassessing-role...
https://www.cambridge.org/core/books/abs/arc-of-the-chinese-...
Public welfare isn't technically part of it, but it's hard to imagine a state where we don't have it if power is at all evenly distributed.
Central planning is orthogonal to the whole thing... credit institutions and corporations do a hell of a lot of centralized planning.
China has state capitalism and private capitalist enterprises, and free enterprise with robust free markets overall. These are the main reforms that allowed it to thrive after the catastrophe of socialism under Mao. Even basic stuff like farmers being allowed to sell surplus freely for profit and at market prices only became allowed in 1978.
China now has the second largest number of millionaires in USD after the US.
I agree with you that socialism, properly understood, ought to mean something much broader than a social safety net. But not everyone sees it this way.
In my experience, a lot of Americans really do equate social security and welfare as socialism. Or even public education, never mind anything remotely resembling universal healthcare. These people believe that taxation is theft and they're vocal about expressing it. This used to be fringe, but it's a major political movement.
Young Americans have grown up in an environment where anything publicly beneficial is painted as "socialist" by one of the major political parties. Many of them have taken the message to heart.
They think "Social Democracy", not pure "Socialism".
But the Right will equate one with the other to pretend the left are communists.
> capitalism vs. socialism
I learned that when an American talks about socialism, they usually mean communism and often the accompanying dictatorships that enable this oppressive system. Meanwhile, the social-democratic countries score high on measures of democracy, rule of law, human rights, regulation contra anti-competitive practices, consumer protection, environment protection, etc.
It is also important to understand what capitalism means. The theory assumes free markets, but that requires an enforcer that breaks up monopolies and upholds rules for competition. Lots of cognitive dissonance there for people calling themselves capitalists while at the same time screaming against intervention, but those rather should call themselves libertarians.
50 years before the 1980s, during the Great Depression, the narrative was the opposite. The Soviet Union was invincible with a growing economy while every capitalist country on earth had been plunged into a devastating depression. Adopting social programs was the only way capitalism survived that decade at all.
In the 1930s, "socialism" won. In the 1980s, "capitalism" won. Scare quotes because neither was really the thing. Something else is going to win in the 2030s. The story is never over, despite what Francis Fukuyama would have you believe.
majority of the public can't differentiate between commerce & capitalism. nor socialism vs 'free markets'.
the non-gullible people know it's not just about this vs that - but ultimately who controls what. ideally you want a system where no individual player or a few players can tip the system.
the Chinese system is probably the closest to that - but then the CCP exists :( . a large player that can tip the scales. but for the rest of the businesses - it's dog eat dog - the better ones that survive are suited to serve the population while aligned to the goals of the population for a good part.
The reason the Chinese system works the way it does is precisely because the CPC exists.
forgive me for asking but even if I accept China is a real democracy, how is that meaningfully different from "no individual player or a few players can tip the system". isn't Xi and the other party members capable of doing exactly this?
i can even agree that Xi was voted in by the people but that doesn't change the point.
In the west - you've to be 'blessed' to become an economic player - there's the myth of competition (but someone has to bless that competition) - whereas in the Chinese economy there's no favored party - BYD isn't favored more by the gvt because it's large anymore than the small upstart that's making electric cars.
> isn't Xi and the other party members capable of doing exactly this? - hence I said the CPC can tip the scales once in a while but in terms of free market competition the Chinese economy is more 'free'