Socialism or Capitalism?

Socialism or Capitalism? This letter writer will take a bit of both.

Dear editor,

Re. Lorne Smith’s letter, Socialism is not all it’s cracked up to be (Sept. 29).

Socialism believes all individuals should have access to basic articles of consumption and public goods to allow for self-actualization. Large-scale industries are collective efforts and thus the returns from these industries must benefit society as a whole. Capitalism is opposed to government intervention in economics because capitalists believe it introduces inefficiencies. It believes a free market produces the best economic outcome for society.

The 2008 financial downturn was caused when capitalism was left unchecked, similar to the Great Depression in the 1930s, which had devastating effects in countries affecting both rich and poor. Both were started in the U.S., which is considered to be the most capitalistic country in the world, the effects of these downturns affected both socialist and capitalist counties. It took a war to get us out of the Great Depression.

As Lorne states, Venezuela is rich in oil  but as of today they are struggling badly, similar to what has happened in Alberta and other regions that depended heavily on oil for revenues. Before the drop in oil Venezuela had a different story, one of success.

Lesson, do not put all your economic eggs in one basket.

Socialism is well entrenched in our society, every time you call the police, the fire department or send your kids to school. The problem with capitalism today is in  Lorne’s quote of Churchill, it is that of the sharing of the blessings. Blessings are now stored in offshore tax havens created through political manipulation and corporate lobbying worldwide that ensures wealth remains in the hands of the wealthy. Thanks to policies that were meant to provide trickle down effects through more tax breaks and benefits given to the wealthy it created a trickle up instead, benefiting only a very small percentage of the population.

Capitalism or socialism?  I’ll take a little bit of both thanks.

Denise Walters

Royston

Just Posted

Comox Valley medical cannabis business growing despite impending legalization

With nearly a month to go until new cannabis legalization laws come… Continue reading

Humpback whales visit Cape Lazo

Peter Hamilton with Lifeforce Ocean Friends snapped these photos of some humpback… Continue reading

Valley Father-daughter duo share a special bond over a kidney

Annual kidney walk is set for Sept. 23 at Simms Park

Stolen Victoria vehicle crashes in Black Creek

On Sept. 15, 2018 at approximately 10:45 p.m., the Comox Valley RCMP… Continue reading

Courtenay getting a tool library

New facility allows do-it-yourselfers to borrow tools

64 cats seized from ‘bad situation’ now in BC SPCA care

The surrender is part of an ongoing animal cruelty investigation with BC SPCA Special Constable

Housing slowdown forecast to cool B.C. economy

Conference Board says pipeline, trade uncertainty affecting investment

B.C. hockey product eyes shot at Olympic spot with China

Fletcher is one of 24 who travelled to Shenzhen, China for the first official Olympic dev camp.

Are you feeling lazy? That’s OK – it’s just science

UBC study shows that humans are hardwired to prefer being sloth-like

LETTER: Who do we blame for the tragedy of Marrisa Shen’s death?

The B.C. girl was killed in a Burnaby park last July

Competition tribunal to hear B.C.-based case on airline food starting in October

The competition commissioner argued Vancouver airport authority had exploited its market position

Trudeau says Canada wants to see ‘movement’ before signing revised NAFTA deal

Foreign Affairs Minister Chrystia Freeland is back in Washington in search of a way to bridge divide

Seek compromise with U.S. on cannabis at border, lawyers urge Ottawa

U.S. Customs and Border Protection agency sent tremors through Canada’s burgeoning cannabis sector

Wet weather means all types of burning, forest use OK in Coastal region

Campfires, open fires no larger than two metres by three metres, and all types of forest use allowed

Most Read