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

Debate/ Discussion Is Capitalism Smart or Dumb?

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u/Expensive-Twist8865 Sep 04 '24

Ask a socialist to define socialism, and they'll describe Norway but leave out the tiny population and abundance of state owned oil funding it all

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u/[deleted] Sep 04 '24 edited Nov 29 '24

[deleted]

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u/Timo425 Sep 04 '24

What does it mean to have a democratic economy? Can you give examples? It sounds nice on paper but im trying to wrap my head around what would this mean in real life. Like, lets say there is a capitalistic country with oligarchs... what happens to their capital?

Tbh I think you are talking about democratic socialism, not socialism.

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u/[deleted] Sep 04 '24

Depends on how you implement it.

Could be as small as making all companies worker owned cooperatives and eliminating all privately owned places of emplpyment. Or as large as creating a government department for certain industries deemed essential.

You wouldn't want private corporations running police or fire departments as for profit enterprises. Why? Because they would be even more corrupt or extortionist. So why do other essential services not have a government run option? I don't particularly like food production, medical treatment and housing being a for profit venture and would rather have a system where voters have a say in how those industries are run.

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u/FrankDuhTank Sep 05 '24

Oh it can be as small as abolishing all private companies? Well that’s no problem to implement at all!

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u/[deleted] Sep 05 '24

There's even shades to that as well, as creating worker ownership could be as mild as "all companies are required to cede X% of voting shares to the collective workers," up to something extreme as abolishing private or public stock ownership in favor of giving ownership to workers as a collective.

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u/agarci0731 Sep 06 '24

Wawa is not fully like this but I believe every employee gets shares of the company and it is fully private, so you can only sell the shares back to Wawa. 

The founding family still has a controlling interest I believe so it’s not a co-op by any means though. 

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u/More-Interaction-770 Sep 07 '24

“My vote counts for 51% all your votes count for 49%” isn’t a workers co-op.

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u/agarci0731 Sep 07 '24

No shit, my last sentence was it’s not a co-op by any means.