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Next Meeting
Next Meeting
Thursday, June 18th
6:00 - 7:30pm Eastern
Bearden Branch Library Meeting Room
100 Golf Club Rd, Knoxville, TN 37919
https://zoom.braverangels.org/4923
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What Do Capitalism and Socialism Mean To You?
What Do Capitalism and Socialism Mean To You?
Much of our political divide is defined in terms of Capitalism versus Socialism. Divisive propaganda and social media misinformation have greatly distorted the meanings of these terms for many people. Few of us have a formal education in economic theory, so the academic definitions of these terms are not what most people mean when they use these words. Many of our misunderstandings come from assuming that other people mean the same thing that we do when we use these terms.
The goal of this month's conversation is not to debate the merits of capitalism versus socialism. Instead, we want to highlight the different ideas, opinions, and associations that these terms elicit for each of us in order to get a better understanding of what Reds and Blues really mean when they say Capitalism or Socialism.
Let's find out what happens when we stop assuming and start listening. Do the paths to economic prosperity really diverge as much as our politicians and pundits imply?
The Academic Definition
The Academic Definition
This infographic gives you the basic definitions of Capitalism and Socialism from an economic perspective, which is all about who owns the means of production. It is provided here for reference.
One of the biggest problems with the discourse is that it is often framed in black and white terms. Those who identify with socialism rarely believe in the complete state control of the economy. Those who identify with capitalism rarely believe there should be zero state intervention in the market.
The pure forms of these systems have never existed in any country, and only the most extreme ideologues ever imply that they should. The political discourse makes it seem like center-left Blues want full communism, and center-right Reds want anarcho-capitalism. The vast majority on both sides want a mix of socialism and capitalism, the question is simply how much of each will achieve the right balance between economic freedom and equality.
How They Are Portrayed in Media
How They Are Portrayed in Media
When economic theory is reduced to memes designed to inflame and polarize us with good versus evil narratives, any semblance of nuance is quickly lost.
Socialists portray capitalism as a system of greed, exploitation, and inequality.
Capitalists portray socialism as a system of greed, exploitation, and inequality.
This is summed up perfectly by the famous Will Rogers quote.
Since the focus of this discussion is how we have internalized our opinions about Capitalism and Socialism from the way they are presented in the media, there won't be the usual links to videos and articles that we have for other topics. The goal is to share the opinions and associations that you currently have, not to use educational resources that might persuade you towards a more standard definition.
Discussion Questions
Discussion Questions
What comes to mind when you think of Capitalism? What comes to mind when you think of Socialism? How would you define each in your own words?
What are the strongest arguments in favor of Capitalism? What are the strongest in favor of Socialism?
What does the "other side" get most wrong when depicting Capitalism or Socialism?
How has the media, political rhetoric, and legacy of cold war propaganda impacted our understanding of each?
Which industries benefit the most from laissez-faire Capitalism? Are there any that should be heavily regulated, or fully controlled by the government?
Is it possible for government services to coexist with private industry, such as the Post Office and UPS/FedEx?
How should we evaluate wealth inequality in an economic system? When does it become a problem, if ever?
Why do different generations tend to have different views about capitalism and socialism?
Can Capitalism and Socialism coexist? Is there another country that you think has the right balance between Capitalism and Socialism?
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