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this post was submitted on 31 Aug 2025
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I would argue that the next step forward is to formally design an economic system that uses the principles of both. America's Constitution was based on the Magna Carta and other concepts, but went a step further and made dedicated rules for how political power interacts. While badly dated now, those rules lasted 250 years for a nation that exploded beyond a mere 13 colonies into a continental superpower.
I think making a clean ruleset that incorporates socialism and capitalism would allow them to excel at the things they do, while keeping their worst aspects at bay.
My favorite lefty take to hit a capitalism/libertarian shill with is that I don't really think a communist/socialist project like the Soviet Union is the future. And honestly, you'd be hard pressed to find someone who does want that.
Its becoming a pretty common take these days that capitalism is fine IF human and environmental needs are met first.
The way I get downvoted when proposing UBI for free necessities (shelter, basic car, basic food, utilities, healthcare, ect) and using capitalism for luxuries (boats, bigger house, gambling, vacations, ect), it often feels like that neither side of the aisle are happy about conceptualizing a hybrid.
Much like Newton, I feel that Adam Smith's writings on Capitalism had limits, because there is only so much that he could observe and measure in his time. Ditto for Marx. Both seem valid, but the question is in what way, and how we can use them to put together a theory of economics that is actually helpful.
Smith's main goal with capitalism was to create a system to distribute the wealth of the nation to the people of the nation to the betterment of all. In his time feudal lords sat in their huge estates, hoarding wealth and waged pointless war to the detriment of everyone else. Capitalism was a radically left wing ideology for its time.
I don't disagree with that. He, like other great minds, had to work with the knowledge and methods available to him in his time. It is our task to stand upon his shoulders and see further, otherwise his efforts would have been wasted.