carey_jim

Could Socialism Make You a Better Capitalist?

I wish more Americans studied other theories of economics and not just neo-classical economics but that's the way it is in America.

A few more little known facts about socialism:

1) John Maynard Keynes developed his system as an attempt to SAVE capitalism during a time when it seemed almost certain to many that it was doomed (1920's and 30's) and NOT as an attempt to bring about socialism which he didn't like. His system was criticized by others of course, namely by Friederich Hayek, who thought that his system WOULD lead to socialism but that is obviously not a foregone conclusion, just a well-reasoned opinion.

2) Joseph Schumpeter, who was one of the bright lights of the Austrian school of economics, believed that Marx was correct in his belief that monopolies would inevitably be taken over by the people to form socialism but he didn't like it. He simply saw it as inevitable.

3) Marxist socialism was never tried in the Soviet Union (or China, Cuba, North Korea, etc.) because the conditions that Marx stipulated did not exist in those countries: Many large monopolies with work forces that are capable of running and owning those monopolies themselves (including existing management, of course) the way some cooperatives are today.

Just for the record: Even though I've studied socialism and other economic theories, I've never been attracted to socialism because I'm too much of an American (trader, adventurer and gambler) and I love freedom too much for that kind of life. For example, I've always refused to work in large corporations but only in small Silicon Valley start ups and in jobs where I could be independent. Unfortunately however, I believe that the corporate American mind set would accept socialism in a heart beat if they could be assured "cradle to grave" security and I think that's a sad thing.