Both on paper and in real life capitalism is orders of magnitude better for most people than socialism. From Jeffrey A. Tucker at aier.org:
The answer is yes, we are seriously debating capitalism vs. socialism again. As it should be. And herein lies the silver lining in one of the most alarming trends in public life: a self-described socialist is leading in the polls to win the Democratic nomination.
For nearly 100 years, public figures in America have dabbled in socialist ideology, learned from it, practiced it on a limited scale, imposed policies rooted in its logic, and been inspired by its conflict ethos that imagines markets to be inherently exploitative, unfair, and unjust. It makes some kind of weird sense that finally at the highest (?) levels of American public life, they would just finally come out and say it: we are all kind of socialist now.
To contradict that claim requires that you see the problem with socialism, and to see that problem leads one to think through the logic of markets and economics, which in turn leads one to see the virtues of commercial freedom. But doing that, taking those hard steps to understand scarcity, creativity, prices, and exchange threatens to undermine the ideological infrastructure of the Democratic Party itself. What has emerged instead is a “no enemies to the left” ethos that allows the extremists to control the messaging.
