"Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery." -- Winston Churchill
"From each according to his abilities, to each according to his needs." -- Karl Marx
"The meaning of peace is the absence of opposition to socialism." -- Karl Marx
Two socio-economic systems. Two quotes. One vote. With which socio-economic system do you most associate? Or do you prefer a different option?
Capitalism is under attack. Or, perhaps better stated, the American economic system is being questioned as never before. America has had its share of economic casualties resulting from what is called, The Great Recession. Many look to Socialism as the answer. Given that most of our readers remember well the great struggles of the 20th century, we thought we'd ask the question, With which socio-economic system do you most identify, Capitalism or Socialism?
Capitalism is a socio-economic system based on the principle of individual rights. In order to have an economic system in which "production and distribution are privately or corporately owned", you must have individual rights and specifically property rights.
Socialism is a socio-economic system in which property and the distribution of wealth are subject to control by the workers, either directly through popular collectives such as workers' councils, or indirectly exercised on behalf of the people by the state, and in which Egalitarianism or equality is an important goal. Thus, under Socialism, the means of production are owned by the state, community or the workers (as opposed to privately owned as under Capitalism).