So, neither socialism and capitalism are cure-alls. And in fact, it would be incredibly naive and borderline childish to label any country as a socialist or capitalistic country.
What I’ve written are just the bare bones basics. The reality of the situations are often much more complex, with policies, companies, citizens, and workforce, all affecting the outcome of whatever method is chosen.
Most countries of the world are actually a combination of different percentage and levels of each system to function. So, the question comes down to this when looking at a country’s system.
How much are certain resources worth?
No, I’m not talking about the value of an item or service in digits. I’m talking about the worth to society.
At what point is the worth of a resource valued more than the price tag on it?
A basketball? Sure, it does not have much of a moral worth, so we can assign a higher monetary worth to the basketball itself. But what about a basketball team? What is the worth of that? Should we subsidise basketball teams because they bring some forth of worth in unity?
Perhaps more realistically, healthcare. Do you think healthcare is a moral, social, or monetary obligation? Should healthcare be free for everyone with open access? Or only provided to those with available cash and status? That’s when one decides is a policy should be socialistic or capitalistic.
At what point is the worth of the resource valued more than the price tag on it?