My Take On Socialism

 

To be honest, I don't know that much about socialism.  I've read about neoclassical economics extensively, and I've read about Keynesian economics too.  This write-up of my ideas is not intended to be taken as necessarily accurate about socialism...it's just based on my impressions and understandings.


Basically, I see socialism as an opposition to the ability to exploit "big money ideas/industries" for personal profit.  The socialist sees productive work in the economy, that deserves "work credits" (my own term, not a socialist idea, for money), to be exclusively labor.


So in other words, the socialist would say, you may go ahead and run a grocery store, but the grocery store must be run as though it is a non-profit.  In particular, each employee of the business should get a salary, and the boss should get a salary, too...but only for the work she has performed 9-5 at the job, at a particular salary that compensates her directly for the work performed, not for having ownership of shares of the business.


The idea behind capitalism is, incentives are needed to encourage innovation and competition to impress and serve customers.  Basically, the capitalistic ideal says that day jobs and labor are fine, but for those individuals who want to step up to the plate to make more money, "work credits" can be earned by setting up an enterprise, whether based on a new idea related to a new/old product, or based on careful market analysis of an opportunity and business strategy.


I side with the capitalists because it works.  Products are available and cheap in capitalistic markets.  The only major concern regarding "wealthy people" is that they can use money to abuse their power.  That problem can be dealt with by enhancing the capabilities and scope of law enforcement operations.  Additionally, that very fixable problem is a small price to pay for a thriving society where most citizens can put a roof over their head and put food on the table.


Socialism strives to meet an ideal of financial equality that leaves societies with fewer resources to please their consumers.  Capitalism, on the other hand, rewards efficiency, strategy, innovation, and above all successful/beneficial business operation, creating a society where a few great workers and thinkers can lift the health and prosperity of their society onto their shoulders, and receive big, compelling financial incentives for that work that make that work motivating and worthwhile for them.

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