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How do capitalism and communism differ in their approaches to economic inequality?
Addressing inequality in a capitalist system has always been a failure in my opinion as every attempt to bring about a more human face of capitalism doesn't really work unless you go for more of a social democracy based solution like the Nordic models. The problem with capitalism and inequality is tRead more
Addressing inequality in a capitalist system has always been a failure in my opinion as every attempt to bring about a more human face of capitalism doesn’t really work unless you go for more of a social democracy based solution like the Nordic models. The problem with capitalism and inequality is that it’s an inherent problem of the system it’s not an outlier of the system it is the system that causes inequality to persist and prevail. What the nordic socialist models does better to reduce inequality is that they ensure a social security net with free public healthcare, education even to go as far as universal basic income. These reforms into the basic structure of capitalism is how we try to solve the problem of inequality in a capitalist model by progressive taxation and spending more as public expenditure for the people. Seems like the best solution but over the last decades we seen this social reforms being taken over by the system over and over again as every attempt to make it more human has been not so successive after some time. Example would be the new deal of the United states.
In a communist economy by definition I’m talking about a very different communist system from the text book where the means of production are owned by the government. The communist economy that i am talking about is about democratizing the workplace by doing so we are changing the fundamental core of capitalism of the employee and employer dynamics where markets do play a role. It is a way of reimagining the workplace and every decision will be decided by the workers themselves and not just a board of directors who own the most shares in a communist economy that’s how the inequality problem will be or should be addressed at the core of the problem which causes it
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