Commentary: This coming week, the GOP convention will attack the Democrats for being far left socialists. Definition of socialism is people working together to accomplish certain goals. We have many examples in our society—police and fire departments, public education, infrastructure like roads and bridges and regulations that promote competition and keep our water and air clean.
These are needs that must be met by community action through the city, county, state or federal governments or they won’t be supported.
Capitalism is an economic system based on private ownership of the means of production for profit. That works fine for producing goods and services where the transactions are between firms and private individuals for needs like groceries, electronics, financial services, cars, furniture and clothing—but not where community action is needed. Private firms have little incentive to provide public goods. It doesn’t contribute to their bottom line.
Therefore, we have a mixed system of socialism and capitalism. The only question is: which should have the most influence?
Should we be like Denmark where they have no homelessness, effectively managed the coronavirus, access to health care and free college education if you qualify, or what we have? That is the question.