X.5: Make the Rich Pay Their Fair Share of Taxes?

Politicians love to promise their constituents that if elected they will make the rich pay their fair share of taxes. They say they will raise the income tax rate for high income earners. And this promise will generally net many votes, and maybe even a little revenue, but the problem is it won’t make the … Read more

X.4: Can Regulation Actually Work?

Capitalism has enlarged and enriched the middle class. But there’s a problem – capitalists seek to monopolize a market. That CEO in the television interview I mentioned in my earlier post laid it out honestly and correctly. Without competition, eventually the most effective capitalist will own the entire planet. In other words, capitalism is so … Read more

X.3: Problems with Capitalism

Socialism and communism have always led to economic failure, but there are problems with capitalism as well. For example, competition makes capitalism work. But at the same time every capitalist seeks to eliminate his competition. In other words, if a company grows without bounds, it will eventually destroy its competitors. And there are other problems … Read more

X.2: How are Capitalism and Socialism Different?

A CEO in a television interview once said that government must prevent corporations from becoming too big because capitalism is so efficient. He said that government must control corporation size because otherwise, we’ll all eventually be working for the same man. Ironically, he implied that unregulated capitalism and socialism end up with the same results … Read more

X.1: Capitalism, Socialism, and Communism

What are the Merriam-Webster definitions of capitalism, socialism, and communism? Capitalism: an economic system characterized by private or corporate ownership of capital goods … [and] by prices, production, and the distribution of goods that are determined mainly by competition in a free market. Socialism: a system or condition of society in which the means of … Read more