this post was submitted on 21 Sep 2023
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Is the generation of wealth really the end goal, though?
On top of that, yes I agree that there are various declinations and modifications of capitalism. And yes, democratic socialism is still a version of capitalism, but one where the harshest edges of capitalism have been significantly smoothed over. Looking at Europe, they are also under capitalism, but implemented significant socialist policies, and the problems there are less extreme than in US. And still, this meme would apply.
I think you mean social democracy. Democratic socialism is a form of socialism.
Social democracy is democratic socialism. It's reformist socialism.
What people actually usually mean is social liberalism, which is liberalism with pretensions of empathy.
No. Social democracy is what nordic countries practice—a capitalist system with relatively strong social and welfare programs. It does not do away with private property and owner class, just tries to reform and regulate it.
Democratic socialism is a socialist system (means of production collectively owned) which is ruled by democratic principles. Instead of reforms and regulations to try and reign in the owner class, it completely does away with private property. You can also have socialist systems ruled non-democratically, by a dictator.
Wealth is the incentive, and fuel for innovation.
As pointed out above the problem is that if the wealth is hoarded, eventually the game falls apart. (We are here)
Wealth is the result of an equitable transaction that gave both parties value. So yes it is very much the goal, in any economic system.