Capitalism vs. Socialism is the Wrong Way to Frame Today’s Economic Debate

Why are we having a debate over whether capitalism works?

Reeves: A striking number of young Americans and young Democrats say they are more in favor of socialism than capitalism and that tells us a few things. One, they have no idea what socialism actually is. But two, there is a discontent with capitalism. The reason for that is the engine of the economy isn’t delivering for certain groups of people. At least, not like it used to, or as much as they think it should.

There is a general sense of sluggishness. That feeling is sharpened by the fact that the economy does seem to be delivering for those who are supported by the safety net or those who are rich in human capital and seem to be doing well.

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