Quote Originally Posted by Transition Force
Eeek heavens no!

I believe in private property and the freedom to conduct my buisness as I see fit so long as I do not coerce others or cause damage to their things (without their permission)

Go libertarianism!
Pure form of libertarian thinking is the concept of "caveat emptor" or let the buyer beware. Flat tax, or no tax, survival of the fittest.

To apply the concept of the differences between capitalism and socialism simply:

You have 10 workers being paid $10 an hour, working 10 hours a day for a 5 day period. $5000 is the weekly budget to pay those 10 workers. Let's say revenues drop and the budget is reduced to $4000. In a more free-market economy, you would lay off 2 of them. In a more socialistic economy, you would retain 1 or all workers, but reduced their salaries as well as their happiness, and those released would be let-go with all kinds of social protection, such as unemployment benefits, or job-placement. Also the government plays a bigger role in managing the entities.

However I think bong is a little misunderstanding when he says socialism doesn't work, since concepts of socialism is used in America. Subsideries, worker-protections, welfare, providing roads & services, military, even your bank account up to $100,000 is insured by the FIDC. These are socialistic protections.

More socialistic countries with a hybrid free-market thrive everywhere in the world. France, Germany, The Netherlands, Sweden, China are just a few examples.

Free market isn't necessarily the best thing, because the extreme of that would be economic anarchy. That means you have to provide for your every need with no government assistance. It wouldn't be such a bad thing if there weren't socialistic controls, but imagine economic anarchy with social suppression. The world hasn't seen this extreme yet, but with the world embracing the power of the free-market, it is bound to happen.

The best is to have a mix of the two, like America, and Switzerland.