There was an article on Bloomberg this morning ran under the sub-title “Polls show young Americans souring on capitalism.”
According to the article, “51 percent of 18-to-29 year-olds in the U.S. said they opposed capitalism” and when asked what type of economic system they preferred to live under, “44 percent picked a socialist country.” I get that youth is the time when you’re supposed to be wildly hippy dippy liberal – before you wake up one morning and the government is slicing away taxes in $10,000 increments – but I see this largely as a failure to teach either history or current events.
The last half of the 20th century was a great global cold war between capitalism and communo-socialism, where the latter collapsed in Eastern Europe when those living under it discovered that their “worker’s paradise” wasn’t able to provide them the goods and services that they wanted. Those being the things produced in the decadent and immoral west. It’s vestigial tail lives on across Europe in the form of Democratic Socialism
Looking at contemporary examples like Venezuela, they seem not to care that the the vast promises made by the government were window dressing without any kind of sustainable mechanism to fund them when the price of oil fell back from record levels. Venezuela now is a shell of a country that seems incapable of providing even the most basic services.
But, you’ll say, capitalism picks winners and losers and leaves some people behind. It does. So does every economic system. The biggest difference being that under our capitalist model bread lines are the exception rather than the rule. Given my druthers I’ll put my money on an economy where I have a fighting chance to better my lot in life than one where I spend my days working to pay taxes in the hope that the central government lives up to its promises. I’ve always found it better to make your own fate than to simply hope for the best… but maybe that’s just me.