I am surprised that you post this, risky ... capitalism is what made the
USA the most advanced nation in the world and was heaven for immigrants
everywhere else in the world.
"Capitalism is an economic system based on the private ownership of the
means of production and their operation for profit. Central
characteristics of capitalism include capital accumulation, competitive
markets, a price system, private property and the recognition of
property rights, voluntary exchange and wage labor."
The problem is that laissez-faire capitalism (no government interference
in "business" activities) gives rise to many problems that only
government can solve ... bad business practices, monopolies, sweat
shops, slavery ... the rise of unions to fight some of the evil ...
fortunately, our "founders" decided to find a way to stem the tide of
unregulated capitalism ... a divided country into States (with all the
power not specifically given to the federal folks) and an extremely
limited overall federal government, divided and hopefully unable to
"take over everything".
"Socialism is a political, social, and economic philosophy encompassing
a range of economic and social systems characterized by social ownership
of the means of production and democratic control, such as workers'
self-management of enterprises."
There is nothing wrong with socialism until it "goes too far" ... then
it start to become its own version of a monopoly of all and everything ...
Fascists and Communists are not that different ... maybe Kingdoms and
Mobsters are not that different sometimes. Benevolent dictators might
be perfect ... put GOD in charge ... problems seem to come with that
idea. There is always a Stalin in the wings for attempts to put "the
people" (democracy?) in charge of everything.
I do not like Fascist and I do not like Communists ...
The financial road to ruin that the USA is following has nothing to do
with either capitalism or socialism, it has to do with "politicians"
wanting to be in charge of "everything". It does not matter which
political party one wants to love or hate ... they are both (and all if
you want to include outliers) power. Absolute power leads to disaster
and that is the direction we are headed.
There may be no hope ... but to put a person in charge of "money" who is
a lover of "socialism" over "capitalism" is not a good thing.
"Capitalism" is about freedom from the sort of central control
represented best with the word "socialism".
This is a great map of all countries based on "freedom" ... an
important. When we visited Australia and New Zealand, I saw what I
loved about capitalism. Have not been to Singapore yet, but this chart
makes a visit added to my bucket list.
https://worldpopulationreview.com/country-rankings/capitalist-countries
An oldie but goodie:
https://www.aei.org/carpe-diem/why-socialism-always-fails/?utm_source=google&utm_medium=cpc&utm_campaign=markperry&gclid=CjwKCAjwq9mLBhB2EiwAuYdMtQZcVKxJHmq6Fjyf9Unl0KykHYZ606c3_y0DeATb4kvrOIfm67rGGBoCmIUQAvD_BwE