Do capitalists hate socialism? If you read some capitalist publications—which are pretty much all of the privately owned ones, plus all the government-financed ones unless the government happens to be a socialist government—you inevitably walk away with the thought that socialism is somehow bad. The reasons given for this vary: socialism produces inferior economic results; socialism creates moral hazards; socialism eventually fails. None of these are convincing. Capitalism is quite capable of producing inferior economic results too and, looking around the planet, does so with some regularity. Capitalism creates one single moral hazard—putting money and property ahead of people—which is greater and more socially corrosive than all of the ones created by socialism. And although socialist regimes do eventually collapse, so do all the capitalist ones because nothing lasts forever. These are clearly not the real reasons. What is the real reason?
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