The economic system of capitalism means that money (specifically investment, not wages) is society’s primary consideration. Socialism means people (workers, humans) are society’s primary consideration. I know what I prefer. How about you?
Sure . . . there are thorny issues of ownership and incentivization, what deserves to be nationalized and what can remain in the private sector, but they will be addressed with people, not capital, foremost in mind. And don’t come at me with that tired old trope that socialism has been tried and it’s failed. That’s not even close to the truth. Most examples given are usually of a country that attempted to go straight from feudalism to socialism, without experiencing capitalism at all.
If Karl Marx was correct, and I believe he was, economies need to develop and evolve through various stages, and attempting to circumvent one of those developmental stages isn’t a good idea. This is why I believe the U.S. economy is ripe for becoming socialist; it already is to some extent. Our economy is, if not the most advanced, one of the more advanced capitalist economies in the world. Yet, many of its sectors are—or have been—treated as worthy of receiving benefits in the form of subsidies, grants, and tax breaks that are tantamount to them being socialized.
Most importantly, many larger sectors of the economy are highly developed, with a few being in nearly monopolistic control of their market. This is what Marx called late-stage, monopoly capitalism. It suggests that larger industries, which have become monolithic, are ripe for worker ownership and a more equitable distribution of their profits to the people who actually make those profits happen.
Let’s stop treating the concept, let alone the word, of socialism as if it’s still some sort of disease or bogeyman. The forces of reaction and fascism have long told us to be afraid . . . be very afraid . . . of socialism, but they’re crying wolf and their arguments are dishonest and disingenuous. That is to say, they’re fucking liars and can’t be trusted. They don’t care about you and me. Don’t expect them to be helpful, unless they’re helping themselves.