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...

Social Catalysts...

I am sure you would have been confronted with the question of whether we have chosen the right model for economic development. If you haven't given a serious thought about it, I would encourage you to venture out, see around you and introspect. I am sure you would come up with several questions... and convincing answers to these would not be easily available...

Some people say that Socialism drives envy while Capitalism drives greed and leads to large scale inequality. However, capitalism seems to have "won" the war with Socialism in the last century.

However, a capitalistic world is far from "perfect". Designed with the assumption of inequality and celebrating consumption as a virtue, it is not clear (at least to me) that we have heard the last on this...

This blog is an attempt to understand the model of economic development - from a layman's perspective.