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Re: Socialism vs Capitalism



Arvind: You have undoubtedly raised some good points.  But may I
remind you that IP already have had a long discussion on socialism vs.
capitalism.  The consensus IMO is that the discussion has very little
relevance in a democracy.  Democracy respects individual autonomy,
ownership and enterprise.  Government role is not to own businesses or
be in business.  The lesson is clear that government cannot and should
not run businesses.
Now turning to capitalism.   The capitalism that we see succeding in
America or the West is not the liazes faire capitalism of Marx.  We
have agreed that markets in themselves cannot create fairness and
competition except in a very limited way.  We will need corrective
institutions (SEC to prevent Securities fraud, FTC to protect
consumers, Dept. of Justice-antitrust division to prevent monopolists
from using unfair means of gaining control and so forth).
We also agreed that democracy ought to strive for political equality
by providing educational and fair job and business opportunities for
all citizens.  However, democracy does not guanatee ECONOMIC EQUALITY.
 Yes, some people will inherit money, become super rich and so forth. 
But as long as these people agree to live by the rule of the law, that
is not a problem.    
In short the issue is no longer socialism vs. democracy, rather how to
build a functioning democracy.
Thanks,
Kush Khatri.

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