capitalism gives you freedom to fail, socialism gives you freedom to live a decent middle class life (the only life anybody needs to be happy because anything past middle class is wasted wealth)
Most people need incentive to take on larger risks or more exhaustive tasks. Pure socialism results in complacency and laziness. That's why you need both capitalism and socialism to have a successful system.
Thedream, on 17 November 2013 - 11:11 PM, said:
capitalism empowers the private realm by a ridiculous amount while socialism does the same for the government, but i think the fear of a socialist government being too strong pales in comparison because a socialist government HAS to care about the people or it doesn't succeed
there's examples of how capitalism and a lack of regulation in business has hurt the people (right now we're in a little bit of both, but 70+ years ago it was a bit different)
an example that was taught to me in class was about the ford pinto and how the government had to intervene and regulate ford's accountability in a malfunctioning car
the gas tank in the car was too close to the rear bumper, so a minor fender bender would cause the car to be engulfed in flames and kill/trap the driver in the car and burn them to death
a simple fix cost less than $1 dollar per model (which adds up) and the liability costs were much cheaper in comparison
Experts calculated the value of a human life at around $200,000, while a serious burn injury was worth about $67,000. Using an estimate of 180 deaths and 180 serious burns, someone put on paper that the cost to redesign and rework the Pinto's gas tank would cost close to $137 million, while possible liability costs worked out to around $49 million.
so ford decided to not recall and fix all of the ford pintos, which caused more and more accidents and deaths but was the cheaper way out for them
government steps in and brings them to criminal court
so we've learned that if the government doesn't regulate the business sector then the business sector will do whatever is best for them, with no regard for the people
and if you were going to make the argument of supply and demand --if they create a bad car people will stop buying!!!-- the car kept selling and its ford..the first car company (?) and the biggest in the country at the time
TLDR FORD CREATES A BAD CAR AND THE GOVERNMENT HAS TO REGULATE THEM BECAUSE PRIVATE COMPANIES HAVE NO REGARD FOR THE PEOPLE (AKA CAPITALISM HAS NO PROTECTIONS IN PLACE FOR THE PEOPLE)
I wasn't arguing for pure capitalism though mate. Which is what a meant by "a little bit of a and a little bit of b". Corrupt corporations or corrupt governments...pick your poison they both can lead to disastrous results.