Which is the best economic system?

[LibreMan]

There are many economic systems. Which is the economic system in which people can live peacefully and happily?

https://en.wikipedia.org/wiki/Economic_system

[Hazir]

If you think that economic system will help people fight with their desires and dark side then you are mistaken. Economic system won't change much.

We could have the best and ideal economy and it will be corrupted and tainted by humans.

Communism in was advertised as Utopian system, theory was great, we all know that happened.

Then we had capitalism, at first it was good but after hundred years, you can see that capitalism created tremendous inequality, and half of world's wealth now in hands of 1% of population.

What will be next?

BTW: This thread should be in Economy section IMO.

[mk3000]

it's more about human nature than what system works better. greed is a very basic part of our nature and we always want more of everything. and guess what? infinite desires aren't compatible with finite resources. so no matter the system, there's always going to be a group who is going to be able to accumulate more resources than the rest. no economic system can solve this problem simply because we live in a planet with finite resources.

[HabBear]

That's a loaded question - it just can't be determined definitively, without debate.

I think capitalism offers the best opportunity for success for everyone. However, capitalism thrives by way of competition and those that have less skills to offer don't do as well in that competition, therefore they don't earn as much money or rise to higher levels of economic achievement.

Socialism, by contrast, seeks to provide a more equal economic level across all contributors. This system may ensure that there is a higher minimum level of economic activity for everyone in the society but it limits the amount of growth any one person can achieve. I dislike this system because it doesn't promote competition, it actually rewards lower productivity, e.g., what incentive do I have to work harder than my neighbor if I don't benefit from it? I'm incentivized to work less than my neighbor so I'm achieving greater return on my overall effort.

I'd love to hear what others believe is "the best" economic system.

[debtstack]

The real problem is seeing it as right or wrong, black or white. Economics is not like this. Neither is humanity. More like varying shades of gray.

My belief over time has made me a believer in capitalism, socialism, and communism. The problem is that countries tend to choose one. I believe economy should be a constant circle, always moving in that order. Capitalism to build the society and economy, socialism as the transition, communism as the distribution to create a unified equal society, then back to capitalism when the time comes to advance even further.

But we all know how humans hate structure. Man I wish I was Vulcan.

[HabBear]

Interesting perspective you have! Suggesting that an economic cycle that drifts from capitalism to socialism to communism would be beneficial to society based on the maturity of that society's economy. I like the thought process.

I have a question for you - I wonder how easy or difficult the transition would be from communism back to capitalism. Any thoughts on this?

The society would be going form an economy controlled largely by government to one that is largely controlled privately. Would you regulate the transition or select specific industries to get privatized first? I wonder what "ripple effect" impacts might occur from having one or two industries go private while the rest remain state-controlled? Would their be social unrest from a particular generation that has grown up living in a society (and only knowing a society) where the helpful hand of government is always there, holding up the net of social and economic safety?

If only we could test these theories to see how they could be viable or not so much in real-world applications!

The real problem is seeing it as right or wrong, black or white. Economics is not like this. Neither is humanity. More like varying shades of gray.

My belief over time has made me a believer in capitalism, socialism, and communism. The problem is that countries tend to choose one. I believe economy should be a constant circle, always moving in that order. Capitalism to build the society and economy, socialism as the transition, communism as the distribution to create a unified equal society, then back to capitalism when the time comes to advance even further.

But we all know how humans hate structure. Man I wish I was Vulcan.

[Hydrogen]

Capitalism is the best.

Under capitalism anyone can start a business in their garage that can go on to become the next google or apple.

The wealthy and rich fear that. They're afraid that someone younger, smarter and hungrier could start a business that could dethrone them.

This is why they push socialism.

Socialism inhibits progress, innovation and denies commoners the right to start their own business.

Socialism is a form of control. At worst, socialism is a form of slavery.

[Aikonio]

Capitalism is the best.

Under capitalism anyone can start a business in their garage that can go on to become the next google or apple.

The wealthy and rich fear that. They're afraid that someone younger, smarter and hungrier could start a business that could dethrone them.

This is why they push socialism.

Socialism inhibits progress, innovation and denies commoners the right to start their own business.

Socialism is a form of control. At worst, socialism is a form of slavery.

There are different socialism. One socialism built in the Soviet Union and a very different socialism built in Sweden. I'm not sure that Swedish socialism is worse than American capitalism. I think any system depends on who builds it.

[Fleamint]

There are many economic systems. Which is the economic system in which people can live peacefully and happily?

https://en.wikipedia.org/wiki/Economic_system

People will live peacefully and happily in any system that offers them enough food, health care, a home, enough free time and so on.

This can be within capitalism but also within socialism.

[Alfa123]

There are many economic systems. Which is the economic system in which people can live peacefully and happily?

https://en.wikipedia.org/wiki/Economic_system

People will live peacefully and happily in any system that offers them enough food, health care, a home, enough free time and so on.

This can be within capitalism but also within socialism.

It seems to me that the well-being of citizens primarily plays the role of the degree of corruption in government. Stroy does not affect. It's just a method of redistributing surplus earned money.

[ridery99]

American economic system is the best: Rich get wealthier and poor gets more poor. Every country which opposes our system will be bombed and invaded by our military, eventually.

[beafheart]

American economic system is the best: Rich get wealthier and poor gets more poor. Every country which opposes our system will be bombed and invaded by our military, eventually.

Lies. What civilized country America has bombed? The fact that in many countries the population is cowardly asks for help from the Americans to shift the bloody dictators that help such peoples are bad?

[tetra]

A system, where everyone gets, what they deserve. lol

[icecube45]

Every country must have a different economic system because it is influenced by the culture and habits of each country, and must fit with the conditions of each country. Nothing economic system is perfect and there is definitely lack, but in my opinion a economic system better is a mixed economy. This system in which on the one side the government give freedom to people to work in economic activity, but on the other side the government intervened in the economy that aims to avoid the full control of of the class of society to economic resources.
This system has advantages:
- Aim for the benefit of society.
- The right individual / private sector clearly recognized.
- Price is easier to control.
So I think this is a good economic system to run, especially in my country. But in running any system that is important is the performance that runs to make it better so that people become peaceful and happily.

[sergeyzol]

A system, where everyone gets, what they deserve. lol

Such a system can only exist if all will start equal. In fact those who have inherited money and power can hinder the development of not only intelligent people, but entire countries. What's the justice?

[Daniel91]

It's very difficult to answer such question but, in my opinion, the best economic system right now is in Scandinavia.
They have the best social services in the world, average people have good lives and salaries, no social tensions, all men are cared for and have social assistance, health care etc.
The countries are open for business and have a stable tax policy and political stability.
Their economic system may be called social capitalism and works perfectly.

[Kvazimoda]

It's very difficult to answer such question but, in my opinion, the best economic system right now is in Scandinavia.
They have the best social services in the world, average people have good lives and salaries, no social tensions, all men are cared for and have social assistance, health care etc.
The countries are open for business and have a stable tax policy and political stability.
Their economic system may be called social capitalism and works perfectly.

Not agree with you. In Scandinavia classical socialism. There really are better people live than in America, but should also take into account the mentality. America was built gangster capitalism and therefore, such problems with social benefits.

[Sithara007]

Any system other than socialism must do the job, provided the rulers are not corrupt and incompetent. Personally, I would prefer capitalism, with additional measures to safeguard the interests of the workers.

[ridery99]

American economic system is the best: Rich get wealthier and poor gets more poor. Every country which opposes our system will be bombed and invaded by our military, eventually.

Lies. What civilized country America has bombed? The fact that in many countries the population is cowardly asks for help from the Americans to shift the bloody dictators that help such peoples are bad?

We're gonna bomb you next.

[Mersedes]

American economic system is the best: Rich get wealthier and poor gets more poor. Every country which opposes our system will be bombed and invaded by our military, eventually.

Lies. What civilized country America has bombed? The fact that in many countries the population is cowardly asks for help from the Americans to shift the bloody dictators that help such peoples are bad?

We're gonna bomb you next.

To be honest, I don't see much success in the bombing in Syria. I see that the Americans were frightened of the Russians. I was concerned about it. I thought America strong government. It seems it is not.