The issue here is not the labels. Free enterprise, democracy, socialism; and even communism, all have their inherent weaknesses and strengths. In the purest sense, the concern is about the degree of centralized (closed system) compared to decentralized (open system) power; at the extremes both are dysfunctional. Thus, it is by default logical, that some mix of the two systems is required. The right mix is subject to the circumstances and time lines involved - and largely an arbitrary and subjective debate for the cocktail crowd's musings.
By the way, unfettered capitalism and democracy also lead to failures.Certainly, the greed and corruption of the past decades has left our beloved systems at the brink. The last chapter has not been written. But one must fear that if we continue to wear rose-coloured glasses regarding unbridled economic and population growth; it is hard to imagine a Happy-Hollywood ending. Again, just ask those who still live on Nauru what the consequences of this paradigm are.
Mr. Rogers this is not your neighbourhood, so perhaps you should pay a visit to their turf - observing what's left of a society that was, just a few decades back, measured as a leading capitalistic system...
Dr Peter G Kinesa
November 20, 2012