What is the economic system of America? I can imagine the consternation of a well informed student attempting to answer that question for a class. One hundred years ago, he could have answered "capitalism" and been about 99% correct. Today, what we have here is an unholy mixture - a small bit of capitalism, a heaping spoonful of socialism, and a liberal dousing of corporatism. Capitalism is a politico-economic system in which property and specifically the means of any production are privately owned, and men deal with one another as traders - trading value for value. Socialism places property under the (in name) ownership of the entire public, and production and value are distributed (by a few) in an equitable manner "to all" as determined by 'the few.' Corporatism can exist in various forms along with socialism or capitalism, but is generally a deviant form of capitalism in which the government (which is supposed to be protecting the individual rights of t...
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