Capitalism vs. socialism/woozle

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This analysis by Woozle involves Woozle's definitions of capitalism and socialism.


Some self-identified supporters of capitalism (however they may define it) argue that it is the economic system which best serves the goals of my definition of socialism, while other supporters argue that there is no such thing as society and that market forces are in fact the very definition of fairness, therefore the poor deserve poverty and the rich deserve wealth (the fair world fallacy) – which is sharply at contrast with the goals of socialism.

It is therefore critical to understand what supporters of "capitalism" mean when they use the word.

My definitions

Looking strictly at my definitions, capitalism seems to be very much at odds with socialism in that if investment tends to be profitable, wealth will concentrate more and more in the hands of fewer and fewer – unless the act of investment creates more wealth than is returned to the investor.

This may happen under certain circumstances, but has not generally been the case since approximately the middle of the 20th century... and in many cases where this seemed to be taking place, it was actually more a case of a natural resource that should have been common property (e.g. fossil fuel) being declared the property of a few.