It's Free Markets That Reduce Inequality, Not Capitalism Or Socialism
Forbes
A little debate between Noah Smith and Cathy O’Neil over at Bloomberg. Do capitalism or socialism reduce inequality better? The problem with their little debate being that they don’t use the correct definitions of the words. What they call capitalism is actually a market economy, what they’re calling socialism is just the social democratic version of a market economy. This is all very well but it’s also wrong. The difference between capitalism and socialism is who owns what. The difference between a market economy and a non-market one is who decides what gets produced and who then gets it to consume. They’re entirely different axes along which to consider an economy: Cathy O’Neil: You suggested ...
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