Socialism and capitalism: Two exhausted labels (Looking West #4)

Ted Grimsrud—February 19, 2016

When I was trying to find some glimmers of hope after the 2016 election, I wrote in a blog post that one of my thoughts was that hopefully we would see the renewed interest in progressive politics stirred by the Bernie Sanders campaign expanded. It does seem that that has happened. We certainly are getting more conversations about “socialism,” a word earlier in my lifetime generally only heard on the public airwaves as a cussword.

A lack of clear meaning

I welcome these conversations. Just yesterday, Kathleen and I listened to a couple of podcasts with interviewees talking about socialism in a positive way—one the renowned Harvard historian Jill Lepore and the other Washington Post columnist Elizabeth Breunig. But I was actually troubled by something. I never truly got a sense of what the word “socialism” means these days—or, for that matter, what “capitalism” means. Lepore even said that “socialism” doesn’t really mean anything, but then proceeded to use the term as if it did mean something.

I believe that something real is being advocated by politicians such as Bernie Sanders and Alexandria Ocasio Cortez. But I’m not sure it should be called “socialism”—though I get why they might want to use that term to indicate that they are seeking something different than the standard corporate liberalism of mainstream Democrats. Still, the term does not seem to me to be helpful. When Bernie and AOC advocate for “socialism” and Trump uses his State of the Union address to insist that “we will never have socialism” in the US, it seems all we are getting is fuel for our polarizations.

And maybe it is even worse when someone such as Lepore uses the word “capitalism” seemingly as an accurate term for our current economic system that is characterized mainly by unrestrained corporate oligopolies and monopolies. Such use ignores differences between our current system and the actual practice of competitive, free market oriented economics. Continue reading “Socialism and capitalism: Two exhausted labels (Looking West #4)”

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