MISES WIRE
The Great Reset VII: Capitalism for the Rich and Socialism for the Poor
LEE ESTO EN ESPAÑOL
04/20/2022Michael Rectenwald
The standard leftist refrain about “advanced capitalism” is that it amounts to “socialism for the rich and capitalism for the poor.” Like most leftist notions, this idea represents almost the exact opposite of the truth. The system they refer to is anything but socialism for the rich and capitalism for the poor. Capitalists do not want socialism for themselves and capitalism for the rest. Capitalists seek profit, which can only come under a capitalist system.
Of course, the phrase “socialism for the rich and capitalism for the poor” is premised on the leftist belief that socialism is obviously beneficial for those living under it, a veritable land of milk and honey, while capitalism is a nefarious, dog-eat-dog, every-man-for-himself “anarchy,” where the dogs fight each other for the scraps and many necessarily starve. Socialism is to be sought and capitalism to be avoided, at all costs. But the truth of the matter is that capitalism is the productive system that creates wealth and rightfully distributes it, while socialism is the consumptive system that restricts the creation of wealth and wrongfully devours it.
https://mises.org/wire/great-reset-vii-capitalism-rich-and-socialism-poor
