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Originally Posted by Rich Iwaszko
no guts no glory............it's all about economic philosophy only
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Rich, while I think this is a great topic, the likelihood that it won't become political is huge.
People have different ideas about capitalism and socialism.
The basic idea behind capitalism is free enterprise, which also entails freedom of speech and self-determination. It protect the rights of the individual. Its goal is the maximization of profit. This can lead to class differences and market monopoly, and abuse of the individual by those with the capital / wealth, and oligarchy (rule by an elite class).
The basic idea behind socialism is the greatest good for the greatest number. The rights of the society as a whole supersede that of the individual. It has been said that the mark of a great society is how well they care for its weakest members, and also that socialism is the political expression of Christianity. However, it can lead to the suppression of the individual and the stifling of incentive, and control of the society by a small group or oligarchy (rule by an elite class).
See where this is headed? I myself think that we need to find a balance whereby the individual is not stifled but at the same time the weakest in society are cared for. In my opinion we have a long way to go to get there. And while I'm not an economist, it doesn't seem to me that anyone has come up with an economic theory that will solve this problem.