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IPFS News Link • Economic Theory

Free-Market Liberalism vs. Corrupted "Capitalism" and La-La Land Socialism

• by Richard M. Ebeling

A central element in that is making sure that we know what it is that we are advocating and why, and what it is that we oppose and why. For instance, what is "capitalism" and what is "socialism"? And are those always unambiguous terms concerning the difference between the free and unfree society?

It is certainly true that collectivist ideas of various types have made so much headway both in the realm of ideas and in actual policies that there are few people in American society who advocate a "laissez-faire" political, social, and economic system under which government would be narrowly limited to little more or nothing else than protection of each individual's right to his life, liberty, and honestly acquired property.

Public opinion about capitalism and socialism

In June 2019, the Pew Research Center released the results of one of its political-opinion surveys about people's positive or negative conceptions of "capitalism" and "socialism.