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...place of state control, the capitalist argues for the unpredictable mechanism of the marketplace. It may be a flawed instrument, but there is ample evidence that...

Author: /time Magazine | Title: Socialism: Trials and Errors | 3/13/1978 | See Source »

...material incentive for individual hard work and creativity. Instead of a noble "new man," capitalism offers only the "old man," whose self-interest in profit ?even though it may be condemned as greed?will ultimately benefit the commonweal. When assessed this way, it is no surprise that the capitalist reality can be made to sound less appealing than the socialist dream...

Author: /time Magazine | Title: Socialism: Trials and Errors | 3/13/1978 | See Source »

...that socialism is fundamentally Utopian. The socialist vision, which in its Marxist version is cloaked as a "scientific" law of history, suggests that under a right and just system all men can become the secular equivalent of saints, choosing to work in harmony for a common goal. The quintessential capitalist, whether or not he is religious, rejects the idea of man's perfectibility on earth and asks the socialist this question: If and when men become saints, socialism might indeed be able to fulfill its promise; but if sanctity were universal, would there be any need for socialism...

Author: /time Magazine | Title: Socialism: Trials and Errors | 3/13/1978 | See Source »

...power, were defeated in 1976 by a narrow margin.) Social democracy accepts a multiparty political system and believes in gradual, peaceful means of reaching its socialist goals. In practical terms, this has meant that social democrats have concentrated more on alleviating what they regard as hardships created by capitalist economies (unemployment, salary and wage inequities) than on directly restructuring societies according to a collectivist blueprint...

Author: /time Magazine | Title: Socialism: Trials and Errors | 3/13/1978 | See Source »

States ruled by social democrats are generally mixed economies, combining elements of free-enterprise competition with state ownership or direction of key industries. Some, most notably West Germany, are basically capitalist. Firmly rooted in the West, such social democracies as Norway and West Germany have more in common with the capitalist U.S. than has the U.S. with, say, capitalist states like Ecuador or the Ivory Coast...

Author: /time Magazine | Title: Socialism: Trials and Errors | 3/13/1978 | See Source »

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