Neither capitalism nor socialism are a universally applicable perfect solution. They both have noble goals on paper, and horrible failings in practice. Balancing the two, using elements of both, within limits, with regulation, with moderation, is the only approach that makes sense to me given what we know about both approaches. Like any balancing act, staying on top of the balance takes continuous effort and will never remain stable, sometimes you need to push in one direction, sometimes the other, sometimes you overcorrect. We overcorrected way too far towards capitalism during and after the cold war, and now we’re falling and I don’t think we’re going to be able to catch ourselves. But we’ll still have to get up after the fall and try again. I don’t know if there’s a better “third way” but if there is, I’m confident the path to it will be found somewhere in between the two, not at the extremes.
Neither capitalism nor socialism are a universally applicable perfect solution. They both have noble goals on paper, and horrible failings in practice. Balancing the two, using elements of both, within limits, with regulation, with moderation, is the only approach that makes sense to me given what we know about both approaches. Like any balancing act, staying on top of the balance takes continuous effort and will never remain stable, sometimes you need to push in one direction, sometimes the other, sometimes you overcorrect. We overcorrected way too far towards capitalism during and after the cold war, and now we’re falling and I don’t think we’re going to be able to catch ourselves. But we’ll still have to get up after the fall and try again. I don’t know if there’s a better “third way” but if there is, I’m confident the path to it will be found somewhere in between the two, not at the extremes.