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I Am a Socialist

Ambivalent... I'm not sure where I stand on socialism. It is purest form, it is idealistic, seemingly a utopia, where everyone gets along and works for the collective good. But in practice, it always seems to fail. There has never been a true, working socialist state. Most devolve into totalitarian strangleholds, where everyone is in fact equal, but equally poor. Such as Soviet Russia. Stalin just replaced the boyars, and it pretty much was an authoritarian aristocracy. China, well, it started out that way, with Mao, but has become more capitalist than ever, allowing big businesses to come in, making China's economy one of the largest in the world today. So without a true, working model of a socialist state, there really is nothing to compare it to.

And where I'm ambivalent about socialism, I'm equally as ambivalent about capitalism. It works, as time has shown, but it is indeed cutthroat and unforgiving. While competition breeds innovation, it also breeds jealousy, arrogance, and cruelty. People will do whatever it takes to get ahead, and there really is no room for the little guy. Now, I've had a comfortable life under capitalism. I'm part of a dying middle class, as the gap between the rich and poor is increasing. But I'm right in the middle, so I haven't had too difficult of a time here. But it distresses me to see this gap increasing, and big corporations and businesses ruthlessly taking advantage of everyone putting their trust in this system. It seems that so system can keep out the worst aspects of human nature. In socialism, the quest for power usually is the downfall. In capitalism, the greed. Both systems have flaws, but I must say, in capitalism, I think is less of a downside. If, IF a truly socialist system emerged, without devolving into a totalitarian state, I would say that it is the better system. But that has yet to happen.
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MindProgress
The reason you see capitalism struggling is because we are not as capitalist as we used to be. I would never advocate for pure capitalism, as it fails to respect the human rights of the worker. Capitalism needs slight regulation to guarantee these rights.We have gone beyond this in America. We are over regulate in some circumstances, and create distorted markets in others. Case in point: The housing crisis. Although it is true that banks made risky investments that failed, it was government policy that created an incentive to make these investments.
Banks operate in a market, and every market has risks. When you remove risk, you change how institutions invest. If left to their own devices, banks will generally make sound financial decisions because they have an inherent interest to...but in order for this to work, they must have to contend with the risk of their investments. This is the only way to ensure sound decision making. Socialism in idealistic form sounds great. It works on paper, but it fails to recognize basic principles of human nature. Humans operate best when they operate in their own interest. Certainly, there are altruistic people who would be willing to work for the 'common good.' However, this is not the MO of most humans.