I'm not versed in political theory at all. (But I did once
design control systems.) But we can all observe how
various economic systems are expressed in the real
world. Socialism (defined as the people owning the
means of production) has without exception been
authoritarian & economically weak. Capitalism has
some successes in social & economic areas.
In Ameristan, "socialism" is often just a label to afix to
whatever is liked (left) or hated (right). Few people
use dictionaries for terms in political discourse, eh.
Aye, capitalism is no guarantee of liberty & prosperity.
But it does afford the opportunity for those to arise.
Socialism guarantees (empirically) failure.
Our capitalism isn't all that hyper. In the index
tracked by The Heritage Foundation, Ameristan
has been falling in economic liberty relative to
other countries. We were once in the top 10.
Alas, that is no more.
Even Canuckistan is more capitalistic than we
.
Index of Economic Freedom: Promoting Economic Opportunity and Prosperity by Country