Just leave it to Winston Churchill to encapsulate the essence of two competing political and economic philosophies as he did before the House of Commons in 1945: “The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries.”
While we’d previously taken a look at the so-called inherent vice of capitalism’s unequal shared blessings, what about the way capitalism has fostered individual liberty through the reward for hard work or the way it has stimulated competition and ingenuity to power America’s economic dynamism over the past couple of centuries?
Our next session, though, will focus on that Churchillian mirror image i.e. socialism’s inherent virtue as the equal sharing of its miseries. Miseries, says who? Not Kristin Ghodsee, author of our discussion piece What Socialism Got Right, as this historian of post-Communism, while acknowledging the enormous harms of the various twentieth-century regimes, enumerates the benefits by reverse engineering those that are now vanishing under capitalism. Those asserted lost benefits include a powerful sense of community, accessible and subsidized cultural life, improved workplace equality for women and planned neighborhoods with civic amenities. Point taken…
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