You’re right about one thing: We need to know the meaning of capitalism.

The thing about a capitalist marketplace that makes it unique is its unpredictability. Although economists have developed economic principles, no one can predict the cross-fertilization of ideas and chance encounters of individuals that result in entirely new products, services, and industries.

Socialists, however, believe that economic progress can be planned politically, meaning that individuals can and should be forced to comply with the top-down, collective, macroeconomic goals dictated by socialist bureaucrats with political power.

This is one reason why socialist planning doesn’t work. It attempts to control the economy, which means controlling human interactions. Socialists create reams of regulations and rules which effectively squeeze peoples’ choices into economic planning straight-jackets, thus stifling experimentation, risk-taking, and innovation.

Thinking is an individual process. All human progress results from individuals free enough and brave enough to pursue their unique vision, ideas, and talents. The interactions of buyers, sellers, inventors, and entrepreneurs in a capitalist society make progress possible.

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Note: We live, of course, in a mixed-economy, meaning a mixture of freedom (capitalism) and controls (socialism). Fortunately, we’re still free enough to say, “No way!” to more socialism.