Certain terms we hear today are emotionally loaded and misused.
One of those is socialism. Of socialism the dictionary says: “any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods”
What is important to understand is:
* Socialism is primarily an economic system; it has operated in democratic or in totalitarian political system
* Socialism has been a failure in every instance that it has been used with uneven production and distribution of goods
* No politician is suggesting such government ownership today
On the other hand, capitalism is also a loaded and misused term.
Of capitalism, the dictionary says: “an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market”
It is also important to understand:
* Capitalism is primarily an economic system; it has operated in a democratic or in a totalitarian political system
* Capitalism has been a failure in every instance that it has been used, with competition being stifled and ultimately monopolies eliminating competition. See trust busting of the early 20th century.)
In the case of capitalism, some government oversight has made capitalism an extremely successful economic system, but that government oversight must be ongoing.
Don’t let politicians dupe the public by misusing such loaded terms.
Bert Peterson, Hastings