December 20, 2012

Who says the socialism vs capitalism debate is over?

According to Merriam-Webster, Socialism and Capitalism were the most searched words in their online edition in 2012 (via). Who says that the debate is over?

Socialism lost favour as the dominant economic policy after a series of socialist economies including the USSR either collapsed or shifted to a more capitalistic outlook in the 1980s-1990s. Enter late 2000s and early 2010s, the world is seeing the problems that Capitalism is creating. The financial crisis, the "greed" of the wall street, two-speed development etc.

So, does this come as a surpise that Socialism and Capitalism become the most searched words in the dictionary when the world's oldest democracy (USA) conducts its presidential election in 2012?

Just for completeness (from the Merriam-Webster online dictionary)
Socialism any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods

Capitalism: an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market
 Just going through these definitions should tell you that the world today is neither a pure socialist, nor a pure capitalist...