All economies are “mixed,” ergo it isn’t a meaningful distinction. What is more useful is recognizing which aspect of the economy is the principle, ie which has the real dominant power, over large firms and key industries. Socialism is when the public sector is the principle aspect, Capitalism is when private ownership is the principle aspect. That’s why the PRC is Socialist, and the Nordic countries are Capitalist.
Judging which system is correct purely by looking to which countries have the highest happiness scores is myopic. We could use the same logic to say that Jeff Bezos has the most comfortable life, so we should all copy him. The problem is that we can’t. The Nordics fund their safety nets through Imperialism, ie super-exploiting the Global South, and because Private Ownership has domination over the state, worker protections and safety nets have been gradually sliding.
This is why having a good knowledge of theory and taking everything within a large context, rather than with harsh boundaries, is important to draw correct conclusions.
There are a few problems here.
All economies are “mixed,” ergo it isn’t a meaningful distinction. What is more useful is recognizing which aspect of the economy is the principle, ie which has the real dominant power, over large firms and key industries. Socialism is when the public sector is the principle aspect, Capitalism is when private ownership is the principle aspect. That’s why the PRC is Socialist, and the Nordic countries are Capitalist.
Judging which system is correct purely by looking to which countries have the highest happiness scores is myopic. We could use the same logic to say that Jeff Bezos has the most comfortable life, so we should all copy him. The problem is that we can’t. The Nordics fund their safety nets through Imperialism, ie super-exploiting the Global South, and because Private Ownership has domination over the state, worker protections and safety nets have been gradually sliding.
This is why having a good knowledge of theory and taking everything within a large context, rather than with harsh boundaries, is important to draw correct conclusions.
I’ll never understand people who insist China is ‘State Capitalism’ but Nordic countries are ideal socialism, somehow.
I’ll give you a hint: it’s about race.