Letter: Capitalism vs. socialism

December 25, 2013 

An interesting discussion of capitalism versus socialism is playing out in the letters column. I'd like to add my two-cents worth.

A socialist manager sees excess production as a waste and tries very hard to avoid it, thus ensuring shortages. A capitalist manager sees a shortage as a customer who will never return and tries very hard to avoid it, thus ensuring abundance. Which system do you really want to live under?

An oversimplification, to be sure. It assumes the capitalist is forced to work in a competitive environment (as opposed to a monopoly), and the socialist knows he won't be shot when people starve. But history does lend some support to the notion.

Capitalists are also much more prone to developing and marketing new and innovative products. The risk-reward curves differ quite a bit. Think of that next time you use your smartphone.


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