Socialism vs. Capitalism...We’re Having the Wrong Debate

A headline in the Economist shouted recently that “socialism is storming back.” Certainly, with the wealth gap, declining social mobility, and climate change, it’s easy to see why some are losing faith in a capitalist society.

But should the debate really be about capitalism vs. socialism — or is it a question of too much of a good thing that needs rebalancing?. After all, we once couldn’t get enough of the cars, antibiotics, and entertainment technology that capitalism produced in abundance. Today, that very abundance threatens to overwhelm us.

In this week’s WhoWhatWhy podcast, journalist and Fast Company founder Bill Taylor talks to Jeff Schechtman about the language of our current political debate, and why rebuilding the public square is so essential to the survival of capitalism.

Taylor talks about the commodification of just about everything these days, arguing that we have “drifted from a “market economy” to a “market society.” The resulting lack of a common civic life, he says, works against the common good.

Schechtman and Taylor examine why it’s so essential for business, and leaders in the “commanding heights” of the economy, to take heed before the social, political, and economic consequences become dire.

Rather than getting caught up in the polarized debate of the moment, this is a conversation that looks at the things we can actually do to make a change for the better.