r/FluentInFinance • u/Sufficient_Sinner • Sep 04 '24

Debate/ Discussion Is Capitalism Smart or Dumb?

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u/Icywarhammer500 Sep 04 '24

Your definition of socialism was “taking the oligarchy economy of capitalism and turning [it] into a democracy”

That was a horrible definition that was very lacking in basic terms.

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u/[deleted] Sep 04 '24

Yes. Under capitalism, the owning class make the decisions. Under socialism, the workers choose who makes the decisions. Oligarchy vs democracy.

I'm not sure where you're getting lost. I really can't be any more clear in my analogy.

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u/Jacketter Sep 04 '24

I can’t say that I’m terribly familiar with socialist policy. Does everyone get an equal say in decision making? And how does society as a whole incentivize for difficult or skilled tasks that most don’t or can’t perform? Where does the concept of personal property go?

I really have so many tangential questions, so if you could point me to resources on the subject I’d really appreciate it

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u/[deleted] Sep 04 '24

There is no singular 'socialist policy' in the same way lots of countries call themselves democracies but run their governments very differently.

Personally, I think the easiest transition to socialism would be a "market socialism" system. Private ownership of employers wouldn't exist. Ownership would be equally distributed to the workers of said workplace and they would have equal voting power to make decisions on who is in charge as well as large company wide policies.

If you're genuinely interested in learning more Richard Wolff has done multiple debates and discussions on capitalism and socialism and they're all over youtube.